Wal-Mart and allies in face-off with Apple Pay over mobile payments

With the development of a new mobile payment system, a group of retailers led by Wal-Mart Stores (WMT.N) is aiming to upend the $4.5 trillion credit card market and control the precious transaction data generated at the checkout line. The difficulty of the task became clear this week when drugstore chains CVS Health Corp (CVS.N) and Rite Aid (RAD.N), in a move apparently aimed at shoring up the retailers' pay system, stopped accepting payments on Apple Inc's (AAPL.O) iPhones. The “skirmish,” as Apple CEO Tim Cook put it this week, is the latest dispute to emerge from the Byzantine world of payment systems, which is dominated by banks and credit card firms. Many payment experts said they are skeptical that the retailer-backed system, known as CurrentC, can gain traction, let alone thwart Apple Pay, a payment system launched by the iPhone maker last week.

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