JPMorgan Chase has unveiled plans to launch its own digital wallet service, called Chase Pay, to compete with the likes of Apple and PayPal.

The service, which will allow customers pay for goods in retail stores using only their smartphone, is set to launch sometime in mid-2016.

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Unlike Apple Pay and Android Pay which use NFC technology, Chase Pay will work via QR code.

Chase, the US consumer and commercial banking business of JPMorgan Chase, has partnered with the Merchant Customer Exchange (MCX) Consortium, which promotes the QR-based CurrentC app and payments service, to power its mobile payments.

The consortium consists of collection of merchants like Walmart, Target, Sunoco, Kohl’s, Best Buy, Rite Aid, CVS, Lowe’s, Sears, Shell, Michaels and 7-Eleven.

Gordon Smith, CEO of Consumer & Community Banking at JPMorgan Chase, said: "Chase Pay solves a number of pain points for consumers and merchants. It will improve the customer experience and drive down the cost of payments."

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Smith made the announcement about Chase Pay at the Money 20/20 conference in Las Vegas.

MCX CEO Brian Mooney said: "Our partnership links Chase and its customer base with CurrentC’s extensive network of leading retailers, restaurants, grocery stores and fueling stations, which process over a trillion dollars in transactions annually at more than 100,000 U.S. locations.

"This is a significant milestone, not just for MCX and Chase, but for mobile payments overall as the industry continues to take shape. Everywhere CurrentC is accepted, Chase Pay will be accepted."