Apple CEO Tim Cook said Monday that users of the company’s new mobile payments system, Apple Pay, registered 1 million cards on the service in its first three days. That’s bad news for two of the nation’s top drug stores, CVS and RiteAid, which are disabling the already-installed register technology upon Apple Pay relies.
Why wreck a tech that’s already installed in your stores? Because CVS and RiteAid are part of a group of companies that also includes heavy-hitters like Walmart working on a mobile payment system of their own called CurrentC.
From a retailer’s perspective, CurrentC has several advantages over Apple Pay. Most importantly, it’s designed to sidestep the fees that retailers have to pay credit card companies like Visa and MasterCard every time a customer makes a credit card purchase, marking their latest move to duck those charges. Apple Pay, meanwhile, has the support of credit card…
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