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When it was first announced, Apple Pay sounded like a great plan for consumers. You take a picture of your credit card and have the image stored on a chip inside your iPhone. Then with a swipe of your phone across the special POS system, you pay for your items.
Unfortunately for Apple, many major retailers are discontinuing it already. Rite Aid stopped accepting Apple Pay payments on Thursday, and on Saturday, CVS followed suit. Both of these retailers may be looking to develop their own mobile app payment system, called CurrentC, through a retailer-owned company called Merchant Customer Exchange. CurrentC generates a QR code rather than use the NFC chip that Apple Pay does. It also will be available for use on any smartphone. Walmart and Best Buy also reported having no plans to use Apple Pay in their stores but will embrace CurrentC when it launches next year.
The future of Apple Pay is not looking too bright.
