Best Buy to start accepting Apple Pay

Best Buy to start accepting Apple Pay

An estimated 700,000 retailers in the U.S. support the payments service.

Apple Pay, Apple’s payment system and digital wallet, can put another notch in its belt. After strong opposition, which even included trying to create a rival payments service, Best Buy has seen the light.

The retailer has announced that its mobile app now accepts Apple Pay online, and that its physical stores will start accepting the service later this year. A Best Buy spokesperson tells the Wall Street Journal that the stores need time to update their checkout systems.

While a major victory for Apple Pay, the news throws confusion on the status of the Merchant Customer Exchange, a group of retailers who planned to roll out their own payments system this summer. Best Buy was a founding member of the group, which according to the Journal, had pledged to not accept mobile payments from another service. Nonetheless, Best Buy stated on Monday that it would remain a member of the consortium, even as it began accepting Apple Pay.

Apple Pay launched on the newest iPhones six months ago. The system stores users’ credit card information on the iPhone and verifies the purchaser’s identity using a fingerprint scanner.

Also on Monday, Discover – the only major bank card currently not offering Apple Pay – agreed to begin enabling Apple Pay this Fall. According to Forbes, roughly 2,500 banks now support the payments service, as well as 700,000 retailers.

Still, with over six million retail stores in the United States, Apple Pay still has a ways to go until it can claim to be universally accepted. And with Google’s announcement that it intends to create an Android payments service in addition to Google Wallet, the competition in the payments arena looks like it will only get more cutthroat.

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