Best Buy to Accept Apple Pay

Best Buy announced on Monday it now accepts Apple Pay as a payment method in its smartphone apps and will begin accepting the digital payment system in U.S. stores later this year. Best Buy is the first major company to break from the Merchant Customer Exchange (MCX), a consortium of retailers and food chains that is developing a smartphone-based payments product system considered to be an Apple Pay competitor. MCX members were reportedly contractually bound to use the app, CurrentC, when Apple Pay first launched, Re/Code reports, citing multiple sources. Some of those exclusivity agreements are set to expire this year, which may be why Best Buy announced its plan for in-store use of Apple Pay.