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  • Apple's smartphone payment fight

    Bill McColl at Hot Stock Minute2 days ago

    Will you need to carry different smartphone payment systems like you do credit cards?

    That might be the upshot of the battle going on over such systems following the release of Apple (AAPL) Pay earlier this month.

    CVS (CVS) and Rite-Aid (RAD) are blocking the use of Apple Pay in their drugstores. And it appears the reason is both are part of a merchant consortium working to create a rival system known as CurrentC.

    Yahoo Finance Senior Columnist Michael Santoli says the stores don’t want to just create a high-tech version of the credit card, they want to replace the credit card.

    “These retailers want them to be more like a souped-up rewards program that basically cuts out the card processors and banks altogether, deducts money from your checking account and allows them to deliver discounts to their customers,” he says.

    Santoli feels that means shoppers could be the ones looking for more than one option.

    “If you want to build up those points at that particular retailer, maybe that’s the way you do it,” he notes.

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