Not All Retailers Are Buying Into Apple Pay
By Edward Cardenas
SOUTHFIELD (CBS Detroit) - Two major drug store chains are the latest businesses to opt out of Apple's new mobile payment service Apple Pay .
CVS Health and Rite Aid have reportedly disabled the near field communications payment terminals for Apple Pay, Macrumors.com reported.
The near field communications payment terminals work with a special chip in the new iPhone 6 devices which allow users to simply swipe their smart phones to make a purchase.
Additionally, chains including Walmart, Kmart, 7-Eleven and Best Buy are not accepting the payment service. A report by The Verge states that these retailers are launching their own mobile payment app, called CurrentC, which is expected to launch in 2105.
Unlike Apple Pay, which is supported by more than 500 banks, CurrentC is not supported by any banks because it withdraws funds directly from the users checking account when they display a QR code on an Android or iOS device. Apple Pay is connected with credit cards, which have processing fees.
The report added that while these drug store chains are pulling back from using Apple Pay, Walgreens is fully accepting the service at the 8,000 stores in the chain.