CVS, Rite Aid Disable Apple Mobile Payment System: Reports

(RTTNews) - CVS Health Corp. (CVS) and Rite Aid Corp. (RAD) have disabled Apple Inc.'s (AAPL) mobile payment system, Apple Pay, in their drugstores, reports said.

The drug retailers are said to be part of a consortium called the Merchant Customer Exchange, which is developing an alternative payment system. They stopped Apple Pay last week.

The move comes amid attempts by Apple to expand into new business areas that promote repeat purchases of its products or services over time.

CVS closed up 0.8 percent on Friday at $84.29, while RAD fell 2.1 percent to $4.76.

Meanwhile, Apple gained 0.4 percent to $105.22.