Two Retail Pharmacy Giants Disable Apple Pay (AAPL)

CVS (NYSE: CVS) and Rite Aid (NYSE: RAD) are said to have blocked Apple's (Nasdaq: AAPL) new payment platform, Apple Pay.

According to the New York Times, reasoning behind the move wasn't immediately clear.

Some speculate that the two have disabled Apple Pay in favor of a still-in-development system via the Merchant Customer Exchange, or MCX, consortium. Both CVS and Rite Aid are part of that group.

MCX's product is CurrentC, which links up consumers accounts to their debit account. This would allow the retailers to track purchases and potentially cut out credit card companies.

Apple is lower in early trading.

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