JPMorgan Chase has launched a smartphone card payment reader called QuickAccept, along with free instant transfers to merchant accounts.

Why should we care?
Through QuickAccept, Chase is competing with Square and other newer entrants to the payments space. Square made its mark on mobile payments with its card reader, and has since expanded the tool’s reach through API-based compatibility with a range of other payment systems. The advantage of QuickAccept, however, is that instant transfers to merchants are free, unlike Square and other competitors. Chase built QuickAccept with the help of a team it gained from its 2017 WePay acquisition. It has an edge over newer players through its vast merchant network: Chase will soon migrate a significant chunk of its more than three million small business customers to the new service, Jen Roberts, CEO of the Chase business banking unit, told CNBC. The new payment tools are part of Chase’s newly-launched Business Complete Banking offering. As Chase dips its toes deeper into business payments, the reward will be lucrative card processing fees.