Bank monopoly being challenged by large corporate chains

A recent Bloomberg news item reports that some major retailers are dropping Apple Pay, not because they don’t like the new technology of smartphone payments, but because they have a plan of their own. Here is an excerpt:

“Objections to Apple Pay aren’t actually about convenience, reliability, or security—they are about a burgeoning war between a consortium of merchants, led by Walmart, and the credit card companies. Rite Aid, CVS, Walmart, Best Buy, and about 50 other retailers have been working on their own mobile payments system, called CurrentC. Unlike Apple Pay, which works in conjunction with Visa, MasterCard, and American Express, CurrentC cuts out the credit card networks altogether. The benefit to the merchants is clear: They would save the swipe fees they now pay to the credit card companies, which average about 2 percent of the cost of transactions.”

Read the full article here,

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