Enabling Technologies

Hurdles Are Clearing up for Apple Pay: After Best Buy, Rite Aid Accepts it Again

MEDICIFounder and Chief Strategy & Innovation Officer

National drug store chain Rite Aid has announced that it will be accepting Apple Pay and Google Wallet from August 15 at all the 4,600 stores present across the US.

The merchant was an integral part of Merchant Customer Exchange or MCX which has been testing CurrentC. The exclusivity agreement has started to expire. Retail chains which were optimistic about CurrentC are now moving towards Apple Pay, which has already achieved a lot in just one year. On the other hand, MCX made an announcement about CurrentC long back but is still not able to launch CurrentC. At present, it is in the pilot phase and it might get rolled out across the US in Q3 2015. Previously, Rite Aid stopped accepting Apple pay because it was committed towards MCX. After it stopped accepting Apple Pay, the drug store faced heavy criticism from its customers.

Shoppers now feel very convenient to pay at stores using their iPhones. Top retailers which are not using Apple Pay are not able to fulfill the expectations of a shopper. US retailers have always been open to accepting technology. Now, if they do not accept the systems which are gaining wide acceptance, it is sure that they will have to face a huge backlash from customers. That is why retailers like Rite Aid and Best Buy (also a part of MCX) are adopting Apple Pay.

Rite Aid, after this announcement, has also clarified that it remains a strong supporter of CurrentC and it would accept it when it becomes available nationwide. Officials of Rite Aid also said that they will be accepting Apple Pay as they are receiving a lot of request from customers.

According to Apple Chief Executive Tim Cook, Apple Pay will be accepted at 1.5 million retail locations in the US by the end of the year which includes more than half of top 100 retailers in the US.

Apart from retailers, card network companies are also helping Apple Pay to grow. AmEx became the first corporate card network to be integrated with Apple Pay. Corporate cards that will work with Apple Pay include: American Express Corporate Centurion Card, American Express Corporate Gold Card, American Express Corporate Green Card, American Express Corporate Platinum Card, American Express/Business ExtrAA Corporate Card and the American Express Corporate Defined Expense Program Corporate Card.

AmEx cardholders will now be able to use their accounts to pay for in-app and in-store purchases using Apple Pay.

Amit Goel

MEDICIFounder and Chief Strategy & Innovation Officer

Amit Goel is the Founder & Chief Strategy & Innovation Officer for MEDICI. Amit’s vision is to build a strong FinTech market network that involves financial institutions, banks, startups, investors, analysts & other key stakeholders across the ecosystem – helping each one of them in a meaningful way by removing the asymmetry of information and providing a platform to engage & transact.

Amit is passionate about bringing actionable FinTech-focused insights, innovative products & services for the FinTech ecosystem. Some of his work involves startup scores, bank scores/assessments, predictive viewpoints & other innovations that have helped MEDICI’s customers and the ecosystem. He has been named amongst the Top 100 FinTech thought leaders/influencers in the world & Top 10 in Asia multiple times by reputed agencies, consulting firms as well as financial institutions. Amit has built MEDICI (formerly LTP) as a new-age, tech-enabled advisory/research firm, which is now considered the #1 global research & innovation platform for FinTech in the world.

Amit has been writing pioneering viewpoints on financial technology space that have been ahead of the curve since 2010. His data-driven predictions have helped the customers as well as the ecosystem. His past work experience includes a strong background in strategy & market analysis and advisory to clients (from big business houses to Fortune 500 firms) in payments, commerce, financial services & IT/technology. In the past, Amit had also founded a successful consulting & research practice called GrowthPraxis and has worked at Boston Analytics, Frost & Sullivan, and Daimler Chrysler in strategy & research.