Chase bank says it’s closing its mobile app store due to lack of traffic
Chase has said it will shut its mobile banking app store in 2019 after failing to attract enough users to maintain a viable business.
The decision to close the app store comes amid growing competition from mobile wallet providers such as Square, which recently raised $30 million in a Series B round, and mobile payment giant Square Cash.
The Chase app is an important part of the Chase customer experience and allows customers to create and manage accounts with Chase, receive phone calls and text messages, and make purchases.
The bank said it has spent millions of dollars to upgrade its mobile apps and that it has more than 3 million users on its mobile application.
Chase’s decision to shut down its mobile website comes as more and more companies and consumers are switching to mobile wallets and other mobile payment solutions.
Last year, a study found that 55% of U.S. households used a mobile wallet in 2018.
In March, Square announced that it would shut down the app in 2019.
In a statement, Square Cash said the company has made “significant investments in mobile infrastructure and mobile banking over the past several years.”
The company said it would invest in new mobile banking products to bring the platform closer to the bank’s goals and customers’ needs.