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Apple Pay Competitor CurrentC Detailed as Convoluted System With Minimal Consumer Benefit
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I wonder if MCX knows that in order for consumers to use their custom mobile payment solution they have to get their beautiful app approved by Google's PlayStore and the Apple's AppStore.
They have a web solution too, so just need a browser.
One thing to note, it may not be that far fetched for Apple to ban CurrentC. What would happen if you use the CurrentC app on your iPhone. Security breach happens and multiple class action suits take place. Do you think lawyers would be happy to stop at the merchant and the CurrentC? No they will add Apple to that as well since the my data was obviously breached because I used that iPhone app.
I was making fun of the person who posted that CurrentC is less steps than Apple Pay
Its funny that most stories about this are making it sound like Apple Pay Banned like there is a security problem with it. Without telling the whole story that these stores have stopped all NFC payments
Many gas stations list Cash and Credit/Debit prices. I wonder how they are able to do it.
Well, looks like a crap solution, but you can see why they want to get rid of the card providers. What value exactly do they add to the service? Like so much of (especially Anglo-American) capitalism it's just another layer of parasites making nothing (except money for themselves).
I'm really curious about the international roll out of Apple Pay. What makes Europe an easier ground for it is the widespread adoption of NFC capable terminals. Where I live (Poland) contactless payment POS and ATMs are aplenty and I'd be more than happy be able to ditch a few of the cards that make my wallet unbearably thick.
knowing that 30%+ of US households live on credit cards, and the other 70% would want to keep the credit cards "points", how on earth would this system be adopted, other than through forcing it down customers' throats ?
Fail...
Who was the idiot who developed this CurrentC technology? I'm very surprised this flat out doomed technology even got approved for consumer use. So not only do I have to store my bank account information, but I also have to provide my DL # & SSN #? And all of this information will be stored in the Cloud? Oh my gosh! This is just an Identity theft waiting to happen and a hacker's paradise. Any business that supports CurrentC should be shut down! How do they even remotely think (1) this process is anymore faster than using Apple Pay, or a Credit/Debit Card for that matter, & (2) how do they think CurrentC is more secure than Apple Pay with the type of information it requires? Stupid idiots!
If you're a retailer selling big ticket items, you either have to get into the lending business (which carries risk and costs) or let the credit card companies do that for you. I know which one I'd choose... the one that limits my exposure. So there's a huge value to accepting credit cards, as evidenced by the fact that just about every retailer on the planet does. As a consumer, I enjoy the added fraud and buyer protection I get from using a credit card as well. All Apple Pay does is make the transaction more secure, which means even LESS chance of a chargeback on the retailer due to fraud. You'd think retailers would love it, not kill it.
Probably already said
but
ARE THESE PEOPLE NUTS?
NO payment system is getting my Bank account info for ACH transactions. That is the worst for the consumer. No bank protection get hacked and money withdrawn and you're screwed no protection. AND let's say you over draw your account with an ACH authorization, they can ding your account everyday trying to get the money costing you overdraft fees each time.
My take BIG TIME CRASH AND BURN "FAIL"!
Consumers will not adopt this. At least using my CC today, I'm covered and don't have to worry about a thing.
NO payment system is getting my Bank account info for ACH transactions. That is the worst for the consumer. No bank protection get hacked and money withdrawn and you're screwed no protection. AND let's say you over draw your account with an ACH authorization, they can ding your account everyday trying to get the money costing you overdraft fees each time.
My take BIG TIME CRASH AND BURN "FAIL"!
Consumers will not adopt this. At least using my CC today, I'm covered and don't have to worry about a thing.
They can't jack up the price for credit cards, but they can give a discount for cash.
Price: 9.99
Price with credit: 9.99
Price with cash: 7.99
is perfectly fine.
Price: 9.99
Price with credit: 11.99
Price with cash: 9.99
is not
Not to defend the credit card companies, but they DO allow users to buy stuff on "credit" without the merchant to be the "lender". It increases sales (consumer more likely to spend more), and its a benefit to the consumer as well. I don't need to walk around with lots of cash in my pockets at all times.
Also, whats to stop Apple or Google from linking the Bank directly to their pay systems and bypass the CC fees themselves?
Your math requires ALL customers to stop using credit cards. Guess what ? To get to this point, this retailed will have to give incentives, at least 5%. This dwarfs the 2% fee.
Consumers are not idiots:
. some need to pay credit... they live on credit cards
. some want the convenience
. some want the points
. most need the safety (banks and retailers are on the hook with credit card frauds... with CurrentC, this risk is shifted to the user)
This is a DOA. I wonder why any large retailer accepted the exclusivity clause. What where they thinking ? Some heads will roll...
Plastic Logic found themselves competing with Apple and they weren't prepared. They didn't have a good read on where the technology was going and how people would/could use it. The same will be true of CurrentC
A Petition
I have a petition up. I would love it if everyone could sign.
Please join the campaign:
https://www.change.org/p/cvs-bestbu...nk&utm_medium=email&utm_source=share_petition
I have a petition up. I would love it if everyone could sign.
Please join the campaign:
https://www.change.org/p/cvs-bestbu...nk&utm_medium=email&utm_source=share_petition
Oh really? Another capitalism hater with an iphone in his hands...
If they didnt offer any benefits, nobody would use their cards. Do you think businesses pay them a portion of their sales just for fun?
They add benefit to the customer by offering credit, fraud protection and convenience.
Nobody is forcing people to use credit cards, you could just use cash or debit which is accepted everywhere, yet most people like to use credit cards.
Your argument makes absolutely no sense.
Stored in the cloud, no less! Hackers are going to have a field day with it. I anticipate MCX CurrentC data will be breached before the end of 2015. They want to own the game because they want to own your data. Apple Pay shuts them out of that.
What an awful, asinine, backwards way of doing things. I expect adoption rates are going to be so low that the savings in credit card fees won't pay for the retailers' upfront $500k investment and the costs of modifying their POP systems to accept this form of payment and train point-of-sale staff how to use it correctly.
Also, WTF is the image on the right?
SHOW YOUR PHONE TO THE FORTUNE COOKIE!
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