Walmart, Best Buy Won't Support Apple Pay
By Brianna Ahearn, contributing writer
Upon the announcement Apple would be moving into the mobile payment space with Apple Pay, many retailers stated their intentions to sign on with the new service. Apple Pay lets shoppers pay for purchases using an iOS device, such as the new iPhone 6. According to Apple Pay's webpage, over 220,000 retailers and companies will accept the payment system, either in-store, online, or in an app. Department stores Macy's and Bloomingdales will be among the first companies to support Apple Pay, but Wal-Mart is not among them. Instead the retailer has announced it will continue to work on developing their own mobile payment system.
No details about Walmart's upcoming payment system have emerged, but the choice to develop their own reflects their continuing quest to give consumers a new way to manage money. Besides offering check cashing services and money orders, Walmart lets shoppers pay bills for credit cards, utilities, car loans, mortgages and more. When the unnamed Walmart payment system launches, it'll provide another reason for consumers to choose Walmart when it comes to managing their both their household's finances and needs.
Walmart isn't alone in the public snub of Apple Pay either. Best Buy has also stated they won't be supporting the option. According to The Chicago Tribune, Walmart has offered their support of Current C, a new mobile payment method. Current C has launched their pilot program this month and will be adding a number of stores nationwide soon. Apple plans to launch Apple Pay in October 2014. Like Apple Pay, Current C requires users to use its app to pay a partnered retailer. Apple has agreements with all of the major banks including U.S. Bank, Chase and Wells Fargo, as well as credit card companies Visa, Mastercard and Discover. Current C lets Walmart save a bit when it comes to accepting cards as well, since the app doesn't require “swipe fees.” Swipe fees are charged to merchants upon each swipe of a credit or debit card. Current C allows its users to load cash into the app, and doesn't connect to a credit card, presenting a big opportunity for savings for Walmart. It also is available on any smartphone, and doesn't just saddle users to an Apple device.
Walmart choosing to ignore Apple Pay may make waves in the retail space, as the retailer is one of the biggest companies in the world. The company's stores serve over 200 million each week worldwide, and if Walmart either developed their own payment system or used Current C, the app would likely receive significant traffic. Walmart hasn't made any comments to the media other than acknowledging they wouldn't be joining Apple Pay.