A mobile payment service backed by Wal-Mart, Best Buy and other leading retailers is defending its practice of prohibiting its members from accepting alternatives such as Apple Pay.
In a conference call with reporters, Merchant Customer Exchange shopped short of giving a reason for requiring exclusivity. But officials say retailers may choose to leave without penalty, so they could accept those alternatives, which are based on a wireless technology called NFC. MCX officials also say that its members might be able to accept such alternatives in the future.
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MCX is testing its CurrenC system and plans to launch it in 2015.
The service has garnered criticism as some of the group's biggest members, like CVS, 7-Eleven, Best Buy and Wal-Mart, are refusing NFC payments even though they have the equipment.