Walmart is one of several high-profile retailers that belong to MCX, a consortium of retailers that have partnered together to create their own mobile payments service called CurrentC. Due to this commitment, the big-box retailer has opted against supporting Apple Pay in its stores. A new report offers a big reason why: high credit card transaction fees.
Re/code offers some insight this weekend into why Walmart “will never accept Apple Pay,” with a big part of the reason being that Walmart believes that the fees merchants are required to pay banks when a credit card is swiped in their stores is too high. Meanwhile, MCX’s CurrentC has payment options that carry lower fees than credit card purchases.
Given that Apple Pay supports both Visa and MasterCard, which set the fees that Walmart and other MCX retailers believe is too high, the report claims that Walmart feels the iPhone-based payments service does not support its fight for lower fees.