June's AI-picked stock updates now live. See what's new in Tech Titans, up 28.5% year to date.Unlock Stocks

CVS Health, Rite Aid block Apple Pay in their stores: NYT

Published 10/27/2014, 07:55 AM
© Reuters Eddy Cue, Apple's senior vice president of Internet Software and Service, introduces Apple Pay during an Apple event at the Flint Center in Cupertino
AAPL
-
CVS
-
US90274J5618=UBSS
-

(Reuters) - Drug retailers CVS Health Corp (N:CVS) and Rite Aid Corp (N:RAD) have disabled Apple Inc's (O:AAPL) new electronic payments service Apple Pay from their stores over the weekend, the New York Times reported.

Apple Pay, which was unveiled in September, is a mobile payment app that allows consumers to buy things by simply holding their iPhone6 and 6 Plus devices up to readers installed by store merchants.

A Rite Aid spokeswoman told the New York Times that the company does not currently accept Apple Pay. The company is "still in the process of evaluating our mobile payment options."

Rite Aid and CVS are not part of the group of retailers that had teamed up with Apple on its payment system. However, Apple Pay technology was working in Rite Aid and CVS stores over the week, the newspaper said.

The reason for the disabling was not immediately clear, the newspaper said.

According to analysts, disabling the acceptance of Apple Pay is a way to support a rival system that is being developed by Merchants Customer Exchange (MCX), a consortium of merchants that includes Rite Aid and CVS, the NYT reported.

MCX is developing CurrentC, an app that scans the bar code of the product and initiates the payment transfer by connecting to the customer's debit card, according to MCX's website. CurrentC will not be available until 2015.

© Reuters. Eddy Cue, Apple's senior vice president of Internet Software and Service, introduces Apple Pay during an Apple event at the Flint Center in Cupertino

Apple, Rite Aid and CVS could not be immediately reached for comments outside regular U.S. business hours.

(Reporting by Rishika Sadam in Bangalore; Editing by Gopakumar Warrier)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.