iPhoneForums.Net News Team
- Jun 18, 2010
- Reaction score
9to5 Mac reports today on a new report from Re/code into why Walmart “will never accept Apple Pay.”
According to Re/code, one of the main stumbling blocks is Walmart’s belief that the fees that merchants have to pay banks when someone swipes a credit card in a Walmart store is too high.
And why should this affect Apple Pay? Because Apple Pay supports Visa and MasterCard, which are two of the companies that set the fees that Walmart, and other retailers in the MCX consortium, have to pay, and which they are not at all happy about paying.
Bearing this in mind, Walmart and the rest of MCX believe that an iPhone-based payment service will not help their campaign to get credit card fees lowered and the entire payment structure changed.
“Since Apple Pay supports Visa and MasterCard credit cards, Walmart and other MCX retailers believe the iPhone-based payments service just perpetuates the traditional payments fee structure they despise,” explains Re/code.
Source: 9to5 Mac