With all the major credit card companies developing some means of making point-of-sale payments through mobile devices, JPMorgan Chase is the latest financial institution to announce its plans. The banking giant announced it has teamed up with GoPago, a mobile wallet company with big plans for expansion.

"Our partnership with Chase provides us with access to many millions of businesses out there," GoPago founder and CEO Leo Rocco told Internet Retailer.

To use GoPago, retailers must have an application installed on a tablet device or other point-of-sale system. Consumers can then open a different app and buy specific products through the program. To date, there are 50 merchants in Mountain View, California, that use GoPago, but more than 250 retailers in San Francisco will be added on March 1.

Participating merchants don't need to pay a startup fee, but will have a 5 percent fee cut from each transaction as a fee.

Half of smartphone owners are already using their handsets as a shopping companion, according to Nielsen, so it's only natural to turn the devices into mobile wallets as well.