Apple Pay has been the center of attention for some time now, but is the good vibe only short-lived for Apple. Recently, a few of the major retailers of the US is taking a stand against Apple Pay as well as Google Wallet, and instead working toward their own payment system.
The said payment system is called CurrentC, and is being developed by a group of retailers, including giants Target, Wal-Mart, Best Buy, 7-Eleven, Gap, Old Navy, Kmart, Banana Republic, Kohls, Lowes etc. Other partners also include CVS, Darden Restaurants, Publix Super Markets and so on. The system will be supported by Merchant Customer Exchange (MCX), and will require customers to use a QR code scanner to pay their dues. The CurrentC system will avoid NFC completely, and will directly withdraw the amount specified when customers use the QR code scanner.
After Apple’s announcement last month, Best Buy and Wal-Mart were prompt to open up to the Wall Street Journal that their customers will not be able to use Apple Pay on their stores, and that they would have to use the payment method developed by these stores. Later, leaked internal information revealed that Rite Aid was disabling its NFC readers, which eventually would block Apple Pay, Google Wallet and similar payment methods. The information was later publicized.
Yesterday, CVS confirmed to the media that they are officially blocking Apple Pay on their store. Several tech analysts, after analyzing the situation have given their verdict that you might have to install a couple of mobile payment methods to shop and pay at different stores. The reason behind the emergence of self-developed payment apps could be the reason that the retailers, along with the banks and carriers, want to have a fair share of money taken out from your transaction.
However, according to sources, CurrentC will launch next year.