CVS and Rite Aid Block Apple Pay From Their Stores

#fivemin-widget-blogsmith-image-752857{display:none}.cke_show_borders #fivemin-widget-blogsmith-image-752857,#postcontentcontainer #fivemin-widget-blogsmith-image-752857{width:570px;display:block} Drug retailers CVS Health (CVS) and Rite Aid (RAD) have disabled Apple's (AAPL) new electronic payments service Apple Pay from their stores over the weekend, The New York Times reported. Apple Pay, which was unveiled in September, is a mobile payment app that allows consumers to buy things by simply holding their iPhone6 and 6 Plus devices up to readers installed by store merchants. A Rite Aid spokeswoman told the Times that the company doesn't currently accept Apple Pay. The company is "still in the process of evaluating our mobile payment options." Rite Aid and CVS aren't part of the group of retailers that had teamed up with Apple on its payment system. However, Apple Pay technology was working in Rite Aid and CVS stores over the week, the newspaper said. The reason for the disabling wasn't immediately clear, the newspaper said. According to analysts, disabling the acceptance of Apple Pay is a way to support a rival system that is being developed by Merchants Customer Exchange, a consortium of merchants that includes Rite Aid and CVS, the Times reported. MCX is developing CurrentC, an app that scans the bar code of the product and initiates the payment transfer by connecting to the customer's debit card, according to MCX's website. CurrentC won't be available until 2015. Apple, Rite Aid and CVS couldn't be immediately reached for comments outside regular U.S. business hours. Yes they can. The CARD Act did get rid of the most outrageous abuse: they can no longer increase the interest rate on existing balances unless you go 60 days past due.