Merchant Innovation

Apple Pay Debuts At Best Buy

Best Buy confirmed with Quartz late last week that it has begun testing its checkout systems for NFC compatibility, opening the door for contactless payments like Apple Pay and Android Pay to be accepted in store.

Both payments systems are expected to roll out in stores of the twelfth largest retailer later this year.

The timing is no surprise as Best Buy’s contract with MCX reportedly ended at the end of August.

Despite it being one of the founding members of MCX, the retailer consortium behind the CurrentC Wallet, Best Buy has made no secret of its plans to jump ship to Apple Pay as soon as it was contractually free to do so.

Unfortunately, ongoing delays in a widespread launch of MCX’s CurrentC Wallet has caused many former consortium members to change their minds when it comes to Apple Pay.

The MCX consortium, led by retailing giant Walmart, has been in the midst of pilot trials of CurrentC but has yet to make any real strides beyond beta tests of the technology, even three years after MCX’s formation.

Late last year, CurrentC had been laid a bit bare in terms of strategy. The new mobile payments network would be available in app form, for both Apple and Android, driven by more than 110,000 merchant locations slated to be part of the fully deployed network.

Best Buy isn’t the first merchant who once swore off Apple Pay in its allegiance to the CurrentC Wallet, such as Target and Rite Aid, but is now looking to offer Apple’s mobile payment method.

While Best Buy has been accepting Apple Pay in its mobile app since April, MacRumors reported last week customers in separate Best Buy stores in California were able to make successful purchases using both Apple Pay and Android Pay.

The customers documented their ability to use the contactless payment methods in store via YouTube and a Reddit thread, MacRumors confirmed.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.