Apple means sophistication. Apple means innovation. The Late Steve Jobs Company has always enthralled its loyal customers with better devices and with swift functions, which always took lead in the IT world. However, the post era of Steve, has provided a lot of debacle within Apple and it is known to the rival manufacturers. At the recent October program at the Cupertino center, Apple launched their latest iPhone model and also a new mode of payment, Apple Pay, made to ease up the payment method with iOS app store.But, Apple Inc. had to experience a tumble in their functioning in the past few days. The latest introductions to the market place, CVS Health Corp and the Rite Aid Corp, better known as the RAD overtook the role of Apple Pay in their drugstores.Introduction to CVS & RAD
CVS and RAD, both of them belong to a consortium, which is currently working on developing on a competing system. This system was succesful in its attempt and overtook the place occupied by Apple Pay in the drugstores. Around 220,000 U.S. merchants including CVS and Rite Aid already possess the technology with which they can intercept the wireless signals within a short range. These transmissions enable the Apple users to avail the service of Apple Pay and other similar applications with a simple wave of their smartphones. After CVS and RAD both moved away from the payment deal of Apple, the CEO Mr. Cook tried to rescue the Apple Pay operation by concentrating on resolving the issue. Apple Inc. has reportedly trying to save its new digital ecosystem as to offer new and swift payment method for customers.
After the release of their much-talked payment method, within a week of release it faced major setback as two major drug retailers turned their back by not acknowledging the payment method. Those retailers were not names by Apple Inc, neither were they acknowledged by the company when this system was launched the previous month. This peeved various drug retailers and several of them stopped paying previous week.
Rumors and Speculations
However, the Apple Pay is accepted by the customers with widely opened arms and the feedbacks are really positive, it is the retailers, who feels Apple Pay is a potential threat for the market. Subsequently, the market has shown the same as the Apple share fell 3 cents to $105. This has been revealed by a reliable source who requested the non-disclosure of his identity. Apart from that, there are numerous rumours and speculations promoted by various websites. MacRumors.com stated that numerous stores discouraged the non-contact system and another website, Slashgear.com stated that Rite Aid is placing emphasis on the consortium’s system instead of the contactless one. Apparently, they have even issued a memo with that interest.
Even before Apple Pay came to the market, drug retailers showed their concern who collect the user data for personal care and medication. Apple HealthCare app recently updated their terms and regulations to prevent any misuse of user date and to prevent selling personal data to third party agencies. Apple Pay provided an alternate to credit card payments and can open up a new valley for customers to make a re-payment with ease.