Amid a growing sea of retailers getting behind the tech giant, Best Buy has just announced that it too would be accepting Apple Pay this year. This may not be the news MCX had been waiting for, as the merchant-led group had been hoping to best Apple’s payment system.
The Merchant Customer Exchange (MCX), a retail consortium which created a mobile-payment system to compete with Apple Pay, had been receiving Best Buy’s support for some time now. Alongside CVS, Walmart, Sears and Rite Aid, Best Buy received payments through CurrentC.
Exclusivity agreements are the norm with MCX members, who have a longstanding pledge to not accept mobile payments from other sources than their own.
But even if it has just opened up its virtual cash registers to Apple, Best Buy is still planning on remaining a member of the consortium. Other CurrentC partners have also gotten behind this recent trend. Meijer, for instance, adopted Apple Pay despite MCX’s exclusivity agreement.
In fact, according to Scott Rankin, MCX CEO, such exclusivity agreements would lapse in the second half of 2015.
“We understand — and strongly support — our merchant partners’ quest to do what’s best for their customers,” Mr. Rankin said in a statement.
This massive boost was announced during an earnings conference call by Apple CEO Tim Cook. Best Buy’s iPhone app has already added the Apple Pay feature, and physical stores will also be accepting payments via Apple Pay later this year.
According to a statement made by Best Buy officials, retailers have to respect their consumer’s preferences in money spending. As such, the retailer only attempted to provide as many “options as possible in how they pay for goods and services at Best Buy.”
This recent addition only works to Apple’s favour, especially since the tech giant has been struggling to add high-profile retailers to its list of partners. Since the service’s September launch, a select few have joined in: Whole Foods, Subway, McDonald’s, Panera Bread and now Best Buy.
Stiff competition still awaits Apple as major companies also offer similar services. Samsung Pay, for instance, the new feature on the Galaxy S6 and S6 Edge as well as Android Pay are just some of the threats awaiting the tech giant.
Image Source: cdn.slashgear.com
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