Apple Inc. (NASDAQ:AAPL) recently revealed an important news during the second quarter financial call. It was the breakthrough announcement about how the Apple Pay payment option will be accepted by Best Buy Co Inc (NYSE:BBY) in its stores starting from later this year. The news has a due importance as many retailers have refused Apple Pay, as reported by the users.
Best Buy Co Inc (NYSE:BBY) has been a member of the MCX (Merchant Customer Exchange). This association is trying to create its own mobile payment platform. The members of the association have agreed to exclusivity. The association will launch a mobile payment platform called CurrentC later this year. The members of the association are required to give exclusive access to this payment service. However, Best Buy Co Inc (NYSE:BBY) has decided to tread a different path by allowing Apple Pay payment option at their stores.
The company believes that the terms of the MCX are flexible and it does not prohibit from giving its customer an enjoyable shopping experience. This means having the ability to choose different payment options. Scott Rankin, Chief Operating Officer at MCX, supported this stand as he said that the company is one of the strongest MCX partners and supporter of CurrentC initiative. He added that MCX strongly supports its partners in their quest to provide the best to their customers.
Midwest Retailer Meijer, another member of MCX, is also exploring the option of Apple Pay’s digital payment system.
Apple Inc. (NASDAQ:AAPL) is positive about this new initiative. The company declared that it has now thrice the number of Apple Pay points than it had at the time of launch. Still, the commonplace use of Apple Pay is a distant reality. This digital payment system is yet to be accepted widely.
Best Buy Co Inc (NYSE: BBY) is one of the largest retailers in the US and its decision to use Apple Pay will surely bring better days to this digital payment system.
