Apple CEO Tim Cook said Best Buy will begin accepting Apple Pay mobile payments later this year, including as a payment method for apps.
This is a major victory for Apple, as Best Buy is a partner of the Merchant Customer Exchange (MCX), which is developing its own CurrentC mobile payment ecosystem. Best Buy reportedly has an exclusivity agreement signed with MCX, and that's why Apple Pay can't go live until the fall.
"We understand - and strongly support - our merchant partners' quest to do what's best for their customers," said Scott Rankin, COO at MCX, in a statement published by the New York Times. "As we have stated in [the] past, we are of the firm belief that there need to be at least 2-3 major players within the mobile payments ecosystem for it to succeed."
CVS and Rite Aid quickly removed Apple Pay from its stores, while Walmart and Sears are waiting for Current C to develop - but Best Buy could be another retailer willing to let customers choose what payment method works best.
Last updated: Apr 6, 2020 at 08:43 pm CDT
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