A RetailWire discussion last October focused on whether retail members of the Merchant Customer Exchange (MCX) consortium were making a mistake by refusing to accept Apple Pay in an attempt to protect the group's nascent CurrentC mobile payment system. A plurality of commentators said MCX members were wrong to try and keep Apple Pay out. Now Best Buy, a MCX member, has apparently come to the same conclusion. The chain will begin accepting Apple Pay in its U.S. stores later this year.
While both Best Buy and MCX publicly stated the retailer's continuing commitment to the consortium, this is a significant announcement. When Apple Pay first launched, MCX members CVS and Rite Aid disabled POS that would let customers use the alternative payment option. Having a high profile member of the group go over to the enemy camp, so-to-speak, provides a publicity boost for Apple.
While Best Buy said the company continues to invest in MCX, it did not offer assurances it would accept the CurrentC payment option once the system goes live. "We are actively monitoring their pilots," an unidentified Best Buy spokesperson told Re/code. "It's too early to declare whether we will take it at launch."
Apple; MCX
A day after Best Buy's announcement, CEO Dekkers Davidson resigned from MCX to pursue other opportunities. MCX has denied that Mr. Davidson's resignation is in any way connected to the Best Buy news. Brian Mooney, a former CEO of Bank of America Merchant Services, will serve as interim CEO of MCX.
- Apple Pay Now Accepted in Best Buy App, Coming to Stores Later This Year - Best Buy
- Apple Pay Coming to Best Buy Stores as Retailer Breaks Ranks From Walmart-Led Rival - Re/code
- Apple Pay gets boost from Best Buy - USA Today
- MCX gets new CEO after Apple Pay scores Best Buy - CNET
- Merchant Customer Exchange (MCX) Appoints Brian V. Mooney Chief Executive Officer - Merchant Customer Exchange/Business Wire
- Are retailers making a mistake not accepting Apple Pay? - RetailWire