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Apple Pay vs CurrentC ….

Last updated 3 years ago

Apple Pay reportedly had more than one million credit cards activated in the first three days, so why are some retailers like CVS not accepting it? CVS, along with Walmart, Rite Aid and many other retailers have been working on their own mobile wallet app under the company Merchant Customer Exchange (MCX) that would move money from customers’ bank accounts without passing the actual financial information with each transaction, side-stepping credit card processors and issuers completely. The system uses QR codes and offers tied-in loyalty programs and discounts. It’s a way for corporations to try to avoid paying fees to the credit card companies, but it also risks alienating iPhone users who may not want to use an alternate app or people who don’t have the cash in the bank to make purchases. merchantadvocate.com 

 

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