The bank hopes that clients who use their phones to deposit cheques would also want to use the devices to transfer funds on a person-to-person basis. “The more people start using their phone and seeing their phone as a payment…or a banking device, you’re going to get adoption of a broader array of services,” said Jack Stephenson, director of mobile, e-commerce and payments for JPMorgan Chase.
Early results indicate both payment services have “very high adoption” rates, but Stephenson said it would take time to figure out if the uses would overlap. “Our strategy is around convenience,” he said. “You want to allow customers to do business in the channel of their choice.”
JPMorgan Chase developed the apps for the iPhone and iPad initially because of the higher user rates those devices have. The company has plans to enlarge its mobile services to other phones and devices, although Stephenson declined to name which ones or how soon those apps would be launched.