CVS and Walgreens are on-board with Apple’s mobile payment service

What good is having a mobile payment service of your own if retailers won’t accept it as a method of payment, right? Well word has it that Apple is working on such a service of their own and if the rumors are to be believed, they have managed to get Nordstroms on board their “iWallet” bandwagon. Now according to a recent report from Re/code, it seems that you can add two more companies to the list that will support Apple’s mobile payment services – Walgreens and CVS. As expected the payments system will most likely take advantage of the NFC chip which is rumored to make an appearance in the iPhone 6, thus allowing users to tap their phones to make the payment and possibly using Touch ID to authenticate it.

Apple’s upcoming mobile payment system will get a big head start with the country’s two largest pharmacy chains coming on board. CVS and Walgreens are expected to accept purchases made with the new iPhone payment system, details of which Apple plans to announce Tuesday, according to a person briefed on the plans. With more than 15,000 locations combined, acceptance by the two chains will give Apple a huge footprint if all of their stores are involved. Getting the two pharmacy giants on board is a coup for another reason: People shop there often — weekly or even daily — giving Apple mobile payments the type of frequent transactions that could be key to getting people accustomed to the new service. And payments could become an important new revenue source for Apple. Representatives for Walgreens and Apple declined to comment. CVS spokesman Mike DeAngelis said, “We don’t know what Apple may be planning in terms of a payment system so it is not possible for us to say whether it is something our stores may be able to accept.” Apple’s mobile payment system is expected to let shoppers wave or tap their phone at checkout terminals, in part using a wireless technology known as near field communication, or NFC, to transmit payment information from a phone to a store’s checkout system. The soon-to-launch iPhone 6 is expected to be the first Apple device to include NFC technology. Sources caution that Apple’s payment system may in some cases employ additional wireless technologies either in conjunction with, or in place of, NFC. The new payment method will also likely include the use of fingerprint identification already available on the latest iPhones as an added security measure.