Apple Pay Faces Challenge as CVS, Rite Aid Disable Payments

Drug retailers Rite Aid and CVS aren't jumping on to the Apple Pay bandwagon and have disabled the service at its stores. Apple's mobile payments system, which was unveiled last week, allows users to ditch the plastic credit cards in favor of digital ones stored conveniently on the iPhone 6 or iPhone 6 Plus. Users simply hold up their phone to a reader at the store to complete the transaction. No swiping necessary. Rite Aid and CVS are among a consortium of retailers including Walmart, Sears and Bed Bath & Beyond, that have joined the Merchants Customer Exchange, which is developing its own mobile payments system called CurrentC. TheStreet's Scott Gamm reports from New York.