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Wal-Mart Stores, Inc. (NYSE:WMT) Rejects Apple Pay For A Friendlier Service

Boston, MA 09/15/2014 (wallstreetpr) – Wal-Mart Stores, Inc. (NYSE:WMT) may be struggling with declining sales and shrinking profits, but the retailer would not simply jump on any service that appears to offer hopes for better sales. The company said it would not implement the newly launched mobile payment platform known as Apple Pay. Instead, it would implement a mobile payment services that appears to be more flexible and inexpensive. Apple Pay is integrated into Apple Inc. (NASDAQ:AAPL)’s new smartphone, iPhone 6, and allows users to make purchases using their devices.

A number of retailers have already announced their commitment to implement Apple Pay in their stores. Such retailers include Macy’s, Inc. (NYSE:M) and McDonalds. The excitement around Apple Pay is that retailers believe it could have positive impact on their sales because of the convenient payment services that it offers to customers. A number of major financial institutions have also pledged their support for Apple Pay. However, Wal-Mart Stores, Inc. (NYSE:WMT) and Best Buy Co Inc (NYSE:BBY) are some of the major retailers that have openly shown their lack of love for App Pay.

CurrentC is better than Apple Pay

In rejecting Apple Pay in their stores, Wal-Mart Stores, Inc. (NYSE:WMT) and Best Buy are looking forward to enable CurrentC, which is a mobile wallet application that is expecting to hit the market in 2015. The CurrentC is being developed by a mobile technology group of retailers known as Merchant Customer Exchange. Unlike Apple Pay that requires retailers to have readers at the checkout points, CurrentC requires no more than a software download and supports a range of smartphone devices that run on Android and iOS. It also supports older smartphones, which means that it would have a wider adoption than Apple Pay that is currently limited to iPhone 6.

No support for traditional cards

Beyond allowing for mobile payment of purchases, CurrentC would also support retailer gift cards and a number of retail credit cards. However, the service would not support conventional credit cards.

Published by Lisa Ray

Lisa has a Bachelor of Arts in journalism from Purdue University and 3 years of experience in the publishing field.

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