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JPMorgan Challenges Apple Pay With Mobile App Offering Discounts

  • Chase Pay to work with members of MCX retailer group
  • MCX's dozens of members include Wal-Mart, Target, Best Buy

Buy a shirt from your favorite store while using a coupon and collecting reward points -- all with a tap or swipe of your phone or tablet -- and you’ll even help shave the retailer’s costs.

That’s JPMorgan Chase & Co.’s pitch for its new digital wallet, a mashup of payment technologies that the biggest U.S. bank unveiled Monday to challenge rival lenders, systems like Apple Inc.’s Apple Pay and a variety of other companies including PayPal Holdings Inc.