Rite Aid Corporation (NYSE:RAD) Rejects Apple Pay, Opts To Go With Current C

Rite Aid Corporation (NYSE:RAD) opted to follow suit to what CVS Health Corp (NYSE:CVS) adopted. The reputed pharmacy chains have decided, in unison, to shun Apple Pay. Recently, both the drugstores had installed NFC payment terminals wherein, besides Google Wallet, payment through Apple Pay was also duly supported.

Apple Pay Usable Across Google Wallet terminals

The launch of iPhone 6 and 6 Plus marked the outright usage of Apple Pay, wherein it was plausibly comprehended that the wallet can not only be used in various Apple Inc. (NASDAQ:AAPL)’s partner stores like Macy’s, Inc. (NYSE:M), Whole Foods Market, Inc. (NASDAQ:WFM), McDonald’s Corporation (NYSE:MCD), Walgreens and other top notch retailers, but also the shops that has with NFC payment terminals. This included a few thousands of such locations, wherein Google Wallet was also notably used.

What Made Rite Aid Corporation (NYSE:RAD) Shun Apple Pay?

CVS Health Corp (NYSE:CVS) and Rite Aid Corporation (NYSE:RAD) hails from a retailers’ consortium who are further led by the likes of 7 Eleven, Best Buy Co Inc (NYSE:BBY) and Wal-Mart Stores, Inc. (NYSE:WMT). The main cause of abhorrence of Apple Pay came up from the fact that the retailers weren’t having access to the transaction details, as the users’ transactions were systematically kept private. Moreover, details pertaining to purchasing history and other details were kept away from the retailers. This helped the latter in no feasible way, and hindered in additional coverage of funds.

“Current C” On The Cards

MacRumors reported on October 25, that Apple Pay was banned across the various CVS Health Corp (NYSE:CVS) and Rite Aid Corporation (NYSE:RAD) locations. SlashGear further added that internal sources of Rite Aid Corporation (NYSE:RAD) revealed that the company was working in harmony with a lot of retailers, in unison, to develop a wallet that traces the payments made to bank accounts or credit cards, from a mere smart phone.

This scheme is dubbed as Merchant Customer Exchange, and would come with an application called ‘Current C’. This is deemed to help the retailers add to their holistic return on investment, thus pushing up revenues.

Rejecting Apple Pay is a bold move that effuses the confidence in ‘Current C’ application. Investors too wouldn’t opt to miss this chance to bag profits, as the share price enhances further, with time.

About the Author

Michael joined US Markets Daily in 2009 and is a national news reporter focusing on economic issues, data analysis and the financial health of state and local governments.

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