Chase's Quick Checkout: Leveraging the Power of ChaseNet
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3 March 2014Zilvinas Bareisis
In our report The Rise of the New Bank Account: The Quest for Transactional Account Primacy we predicted that in the future customers will want to be able to choose whether they pay with money or with loyalty points. Chase's Quick Checkout announced at a recent investor day does exactly that. According to Chase's investor presentation, Quick Checkout will deliver "a simplified checkout experience for Chase cardholders and merchants, positioning us to become the preferred digital 'way to pay'." At the heart of Quick Checkout there are three innovations:
- A digital wallet, which stores customer's payment credentials and shipping details, and pre-fills them at checkout. Like other digital wallets, Quick Checkout is "open" - i.e. customers can register their non-Chase cards. However, their Chase cards will be automatically available and kept up-to-date in the wallet when they get replaced in case they expire or get lost or stolen.
- Ability to pay with points, leveraging the customer base of Ultimate Rewards, Chase's single rewards platform. According to the bank, 78% of Ultimate Rewards redemptions now occur through digital channels; Quick Checkout will help drive that number up even further. Merchants will also be able to tailor offers based on customer behaviors and specific purchase history.
- Tokenization which replaces real account data with a highly secure “token” which is useless when taken out of the secure environment.
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