JP Morgan Chase
JP Morgan Chase Reuters

JP Morgan Chase announced Wednesday that it will pull the plug on its Chase Pay app in early 2020, meaning JP Morgan customers will no longer be able to pay for goods on their phones.

"The change we are announcing is one that is intended to focus our efforts where we see consumer behavior trending and merchants investing," said Eric Connolly, head of Chase Pay.

Although the Chase Pay App is being phased out, the Chase Pay merchant button still thrives, with Connolly saying that the button will appear on more merchant apps and websites in coming months.

The app was introduced in 2015 as a bid to take on mobile payment service Apple Pay, which is used with devices such as the iPhone and Apple Watch.

Apple Pay currently is activated on 383 million iPhones worldwide as of February. As of January, roughly 74 out of the top 100 U.S. retailers by revenue accept Apple Pay.

JP Morgan Chase still has 51 million customers who use Chase-issued Visa credit and debit cards. Apple recently released a credit card of its own, the Apple Card, which can be used with the Apple Pay service.

JP Morgan Chase is the largest bank in the U.S., with the institution being traced back to 1799. It is one of America's big four banks, along with Bank of America, Citigroup and Wells Fargo.

This article was first published in IBTimes US. Permission required for reproduction.