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Don't use this major bank's payment app

Don't use this major bank's payment app
photo courtesy of shutterstock

The traditional wallet or purse stuffed with credit and debit cards is on the way out. At least it seems like every major company is trying to make that happen with its own digital wallet app.

Apple has Apple Pay, Google has Android Pay, Wal-Mart and a bunch of other companies are working together to launch CurrentC, and now there's another new player. On the one hand, it's a major bank, which is good, but it does have some drawbacks you need to know.

The bank is Chase, and the system is called Chase Pay. Unlike Apple and Android's systems which support every type of card, Chase Pay only works if you're a Chase customer and in a store that Chase supports.

When you want to make a purchase, you open the Chase app, select your card and the app generates a QR code. As a refresher, QR codes are those bar codes that look like checkered squares. The QR code appears on your screen and the store clerk scans it, which finishes your transaction.

Next page: A few reasons Chase Pay is looking iffy
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