
After CVS and Rite Aid, both of which are members of the Merchant Customer Exchange, pulled support for Apple Pay this past week, Walmart (another member of the consortium) offered its take on why Apple Pay is not being implemented. According to a Walmart representative, MXC is reportedly thinking of consumers when it comes to denying support for Apple Pay. The following was said regarding the matter:
There are certainly a lot of compelling technologies being developed, which is great for the mobile-commerce industry as a whole. Ultimately, what matters is that consumers have a payment option that is widely accepted, secure and developed with their best interests in mind. MCX member merchants already collectively serve a majority of Americans every day. MCX's members believe merchants are in the best position to provide a mobile solution because of their deep insights into their customers' shopping and buying experiences.
MCX has been working on CurrentC which has been in development since 2012. That being said, CurrentC is far from Apple’s streamlined solution. It functions differently and isn’t as secure. The mobile payment space in general is estimated to grow into a multi-billion business and MCX is looking to get a piece of that by bypassing credit card network fees. If things work out for Apple in the space, the swiping fees for Apple Pay payments may help the tech giant move further into the industry depending on the performance and adoption of their solution.
As of right now, it’s too early to tell as which payment option is the frontrunner but Apple Pay does bode well thus far. It’ll be interesting to see how things turn out going forward.
Source: BusinessInsider via AppleInsider
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