Sep 14

Apple Pay Takes Major Hit, Wal-Mart and Best Buy Will Not Use System

You win some, you lose some.

That’s all Apple can really say after Wal-Mart and Best Buy announced that they would not be implementing the scanners necessary for Apple Pay to be used in their stores. Apple Pay uses a near field communication (NFC) to connect with the latest iPhone to allow the user to make purchases from the device instead of using a card.

While other top companies like McDonald’s and Macy’s have already committed to adopt the technology, the fact that retailers as large as Walmart and Best Buy have chosen not to participate shows that there is quite a bit of division on the subject amongst major corporations in the United States.

The primary arguments against using NFC is cost. After the Apple keynote announcement that the new iPhone 6 and Apple Watch would be equipped with the tap to pay technology, a flood of inquiries came into installers of the hardware as to the cost of acquiring and maintaining the necessary equipment required to service these customers. News that each individual unit would cost around $500 to purchase, not to mention install and maintain, quickly disenfranchised many retailers that could not afford the high buy in price for the new technology.

Even larger corporations that could theoretically afford the pricey new hardware began to look elsewhere for a more cost efficient method to accomplish the same task. The solution was an application by the name of CurrenC that uses a specialized barcode for each customer purchase. The retailer can scan this code at the point of sale and appropriately charge a customer’s account. CurrenC has the added benefit of being available for both Apple and Android devices, but at this time cannot be used with traditional credit and debit cards.

So for the time being, it might be best to keep your wallet with you.

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