Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Wal-Mart Stores, Inc. (WMT) and Best Buy Co Inc (BBY) Join hands To Take Apple Inc. (AAPL) Down

The likes of giant retailers, Wal-Mart Stores, Inc. (NYSE:WMT) and Best Buy Co Inc (NYSE:BBY)  are going after Apple Inc. (NASDAQ:AAPL)‘s mobile payment platform, Apple Pay. Dante D’Orazio, in an article on The Verge revealed the survival race that the tech giant will have to fight before it’s Apple Pay even reached puberty.

Apple Inc (AAPL)

D’Orazio mentioned that, a band of brothers formed by Wal-Mart Stores, Inc. (NYSE:WMT) and Best Buy Co Inc (NYSE:BBY) and a few others in 2012 are building their own mobile payment platform, which goes by the name CurrentC. The real showdown between Apple Inc. (NASDAQ:AAPL) and these retailers is expected to take next year, since that is when CurrentC is expected to be launched. However, small skirmishes have already started as retailers, including the pioneers, Wal-Mart Stores, Inc. (NYSE:WMT) and Best Buy Co Inc (NYSE:BBY) are disabling Near Field Communication (NFC) readers in their store, which is the device that Apple Pay works on.

Wal-Mart Stores, Inc. (NYSE:WMT) and Best Buy Co Inc (NYSE:BBY) want to build a platform that is free of credit card processing fees and their new platform, CurrentC, achieves just that as it is not backed by a single bank, according to D’Orazio. On the other hand Apple Inc. (NASDAQ:AAPL)’s payment platform was taking full advantage of the payment networks of the likes of Visa and Mastercard.

In order to provide incentive to their users, CurrentC owners, Wal-Mart Stores, Inc. (NYSE:WMT) and Best Buy Co Inc (NYSE:BBY) are luring them with exclusive coupons and promotions, which will, of course, be the consumers’ portion from the slashed processing fees.

D’Orazio also mentioned that Apple Inc. (NASDAQ:AAPL)’s Apple Pay did not have a considerable traction to begin with. He mentioned that, according to the tech giant’s website, only 34 retailers are on board with Apple Pay, and 8 of these are, surprisingly enough, just different  versions of Foot Locker, which dents the diversity of Apple Inc. (NASDAQ:AAPL)’s payment platform even more.

Warren Buffett and BillionairesFree Report: Warren Buffett and 12 Billionaires Are Crazy About These 7 Stocks

Let Warren Buffett, David Einhorn, George Soros, and David Tepper WORK FOR YOU. If you want to beat the low cost index funds by an average of 6 percentage points per year look no further than Warren Buffett’s stock picks. That’s the margin Buffett’s stock picks outperformed the market since 2008. In this free report, Insider Monkey’s market beating research team identified 7 stocks Warren Buffett and 12 other billionaires are crazy about. CLICK HERE NOW for all the details.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.