Apple Pay In Crisis After Rejection By CVS And Rite Aid

Posted: Oct 28 2014, 3:44am CDT | by , in News | Apple

Apple Pay in Crisis after Rejection by CVS and Rite Aid

Apple Pay is in a state of crisis after rejection by CVS and Rite Aid which have withdrawn their support of the platform.

Apple mobile payment came to a standstill as CVS and Rite Aid rejected it for rosier avenues. Since the whole scheme is about building a different system from Apple, the two corporations that withdrew their support have left Apple high and dry. CVS and Rite Aid already have clients who use their services on a regular basis.

They consist of 220,000 mercantile agents spread throughout the country that employ electronic technology to get their jobs done. Apple Pay was introduced to the public last month. And it’s been a week since CVS and Rite Aid withdrew their alignment with the system.

The two corporations have decided to pursue their own systems that they believe will benefit them more than Apple Pay. The internal politics of the situation was revealed by an insider who requested not to be named.

They have battened their hatches and are ready to face the onsalught. The two corporations are ready to enter the melee and fight tooth and nail for supremacy insofar as a pay system is concerned. The spokespersons for both CVS and Rite Aid refused to comment any further on the matter when they were questioned.

Meanwhile, Apple Pay, whose graph had been going up until now has suffered a setback in its market stocks due to the abandonment of ship by CVS and Rite Aid. In response to Apple Pay, spinoff systems by Google, Square and Softcard have begun their operations.

The CEO of Apple, Tim Cook is doing all he can to save the enterprise from the competition. But it is going to be a difficult proposal. Apple has joined hands with major banks and credit card companies in its Apple Pay system.

These include Mastercard, Visa and American Express. The shock to the payment system by the withdrawal of some big names means that Apple will have to tighten its belt by a few notches though.

Source: Bloomberg

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<a href="/latest_stories/all/all/20" rel="author">Sumayah Aamir</a>
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