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Will JPMorgan (JPM) Stock Be Helped by New 'Apple Pay' Rival?

NEW YORK (TheStreet) -- JPMorgan (JPM - Get Report) announced yesterday evening that is launching a mobile payments system called "Chase Pay" that will rival services such as Apple's (AAPL) "Apple Pay."

The biggest U.S. bank is partnering with members of the Merchant Customer Exchange (MCX) such as Wal-Mart (WMT), Target (TGT), Shell (RDS.A) and Best Buy (BBY). Retailers in the MCX bring in more than $1 trillion in sales each year and have more than 100,000 outlets, Reuters reports.

Apple Pay has struggled to partner with retailers, and two-thirds of the top 100 retailers surveyed by Reuters in June said they would not partner with the service during 2015, Reuters notes.

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Additionally, Chase Pay touts tighter security and a lower fee for retailers accepting Chase Pay transactions. JPMorgan hopes to cover the difference from lower fees with greater volume within its network, according to Reuters.

The system is scheduled to be released to the company's 94 million credit, debit and pre-paid card accounts during mid-2016.

"The whole thing is about...