Apple Pay Rejected by Walmart and BestBuy
Walmart and Best Buy have instead opted for MCXor Merchant Customer Exchange, a technology group that focuses on providing mobile solutions. The MCX payment solution requires only a software download and can be used on existing smart phone devices including iPhone and Android. Apple Pay works for the iPhone 6 only. It is not hard to see why the big retail giants may feel like they do not need it.
Apple Pay and the use of NFC
The Apple Pay platform relies on a technology called NFC which stands for near field communication. NFC is a set of communication standards that enable mobile devices to establish radio communication with each other by touching them together or bringing them into close proximity of just a few centimeters. NFC has been in the market for some time now but has failed to gain enough traction so far. Less than 10% of the merchants have NFC readers according to an article in the Wall Street Journal.
Smaller merchants in particular have been unwilling to install the devices due to the cost of the devices, low use by consumers and the merchant fees for mobile-payment being much higher than that of debit cards.
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