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Apple Pay CurrentC MCX

Fines for accepting competitors in $90b business

28 Oct, 2014

Retailers tell the New York Times that there are fines involved under their contracts with MCX if they accept competing payment systems. The newspaper notes a projection by the Forrester consulting group that payments will become a $90 billion business. Some MCX customers are still waiting for CurrentC and could miss out on payments in the interim if Apply Pay becomes popular. They also risk creating customer resentment. Payments industry consultant:

These retailers are in a real jam. The last thing merchants want is ticking off their consumers over payment.