1. Akshay Masand's Avatar

    According to a recent report, MCX CEO Dekkers Davidson mentioned that the exclusivity agreement which caused certain merchants involved in the MCX consortium to abruptly pull support for NFC-based payment systems including Apple Pay is set to expire in “months, not years.” Confirmation of the agreement comes just a week after the arrangement was first uncovered after reports of CVS disabling NFC terminals in its stores to prevent customers’ from using Apple Pay.

    As of right now, it remains unclear whether membership in the MCX consortium and mobile payment exclusivity are mutually inclusive, although this doesn’t seem to be the case. Furthermore, although CVS agreed to the stipulation, Midwest grocery chain, Meijer, which is another MCX partner, continues to allow Apple Pay in its own stores.

    The members of the consortium who don’t follow through with the exclusivity provisions are reportedly liable to be fined though Davidson did deny that the consortium directed CVS to take action. The Cupertino California company CEO, Tim Cook, stated that the fight between competing mobile payment providers would ultimately be decided by consumers “over the long arc of time.”

    Based on the speculation and the reports, it seems like Apple Pay has the structure to last longer and provide more security, both of which will play a vital role in determining which system is adopted. We’ll just have to wait and see though.

    Source: Re/code

    Twitter: @AkshayMasand
    2014-11-06 01:20 AM
  2. NSXrebel's Avatar
    CurrentC is on a collision course even before it takes off.

    BTW, USAA finally went live with Pay this Monday, and I finally used it today. WOW, super impressed by how easy it is to use. I didn't even have to unlock my phone to pay for my food!
    2014-11-06 06:51 AM