Retailers are reportedly pushing back against Apple Pay, the iPhone’s new mobile payment app enabled by near field communication. Bloomberg reports that two major pharmacies, CVS and Rite Aid, are opting to not let their customers use Apple Pay.
CVS and Rite Aid are part of a consortium that is developing its own mobile payment system, CurrentC. It will not use NFC; instead retailers will use bar codes to activate payment through a mobile app. CurrentC is not expected to be live until sometime next year.
CurrentC is being developed by the Merchant Customer Exchange, which says the software will be compatible with most existing payment terminals. Customers will be able to pay using their checking accounts, merchant gift cards or, in some cases, merchant-branded credit and debit accounts. All of these payment options give retailers a way to bypass the fees they pay when customers pay with credit cards.
Apple, on the other hand, is working directly with the credit card issuers. Banks have been busy jockeying for prime positions in consumers’ Apple Pay wallets. That race may slow down somewhat if more retailers block Apple Pay.
Other top stories:
FCC pushes 600 MHz auction to 2016
The chair of the FCC’s Incentive Auction Task Force, cited the complexity of the proceedings as well as a recent court challenge brought about by … Read More
MVNOs set to compete on different terms
Having at various times been the belle of the ball and the one left behind to clean up after a raucous party, MVNOs have seen market extremes. … Read More
TC3 pitch sessions: boosting carrier coverage and capacity
The normally off-the-record pitch sessions were opened up to attendees at the TC3 Forum. … Read More
