Major retailers are blocking Apple Pay services… but the question is WHY?
RiteAid and CVS pharmacy, along with other major retailers, have made the decision to completely block Apple Pay. This service wirelessly communicates with point of sales systems and makes transactions seamless and effortless. Why would these major companies want to block such an innovative service? The answer is that they are forming an alliance (called the Merchant Customer Exchange) and are underway of making a competing service! This rival system is to be called CurrentC, and has been in the development process since 2012.
CurrentC will be connected with customers debit accounts, credit accounts, or checking accounts, and makes it easy for merchants to track the shopping habits of its users. To use CurrentC, you just simply scan a QR code on the screen to complete a payment. Some of the other retailers that are part of this alliance include Walmart, Target, Best Buy, Lowe’s, Bed Bath & Beyond, and Sears. This new payment service will be accepted at 110,000 merchant locations in the U.S.!
Now all we have to do is wait to see how CurrentC will compete against Apple Pay. Do you think it has potential?