For now, Apple Pay payments will be limited to Best Buys iOS app, and the retailer plans to accept it for in-store transactions later in 2015.
By accepting Apple Pay, Best Buy stands in contrast to the rest of the members of MCX (Merchant Customer Exchange), a Walmart-led group of retailers planning to launch their own mobile payment system this year, called CurrentC, which eschews the use of credit card networks in favour of store brand cards and linked bank accounts while using QR codes to process transactions. Despite the move, it still remains a member of the consortium.
Apple Pay, which launched in October 2014, allows iPhone 6, iPhone 6 Plus and Apple Watch owners to pay for in-store transactions by placing their device near a compatible credit card reader. Apple has looked to expand it to countries such as Canada and China, but it has faced obstacles in negotiations with Canadian banks and Chinese regulators.
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