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Apple Pay Competitor CurrentC Detailed as Convoluted System With Minimal Consumer Benefit

IJ Reilly said:
Obviously CurrentC is somewhat more complicated to use than Apple Pay, but spin does not help us understand the differences and how they will be marketed:

-Apple will promote Apple Pay as simpler to use, and more secure.

-The other merchants will promote CurrentC as working with any smartphone, and providing customers with loyalty bonuses.
Click to expand...

You said:
Originally Posted by jclardy View Post
CurrentC:
1. Unlock phone
2. Find CurrentC app
3. Launch CurrentC app (same step) <- wrong
4. Hope you have adequate signal in concrete walls of the store (also required for Apple Pay) <-wrong
5. Hold phone up to scanner (also required for Apple Pay) <-wrong

Have you used :apple:Pay?
1. Hold iPhone near NFC device.
2. Put finger on Home Button.
3. Done.
 
bennibeef said:
Apple could just **** with them to delete the app from the appstore. They can do whatever they want in the appstore.
Click to expand...

Actually they probably can't. A move like this would spawn a lot of AntiTrust issues, something Apple probably doesn't want since they're giving Microsoft a run for their money with proprietary technologies. And default apps. And everything else Microsoft were sued for in the 90s because of AntiTrust.
 
good new is...

I guess the good news here is that these retailers signed up for a 3 year exclusive with MCX in 2012 so we're already ⅔ of the way through that period. It sounds like the 3 years will expire just as CurrentC starts to go live in mass scale no 2015.
Maybe then they'll re-enable NFC payments and let the market decide between anonymity and discounts/rewards.
 
If Apple really wanted to be a White Knight in this situation; Buy CurrentC, shut it down, and take over the contracts.

Wishful thinking though.
 
You NEVER give someone electronic access to your bank account. On top of that, they want your SSN. I bet they ask for your mother's maiden name for a "security" question. Then six months down the road their system gets hacked and all your info is compromised.

Compared to Apple Pay, which generates a one-time-use token rather than handing out your credit card number. Even if hacked, no useful information is getting out.
 
i want apple to do a presentation WITH google calling these companies out.

why do they want our info so bad?

and lol at QR codes. we're in 2014 FFS.
 
goldnose said:
I don't get your original post or this response. Who said it wasn't the same step wasn't it listed under the same step number? Also you need to check up you do not need a cellular or internet connection to use apple pay at the store.
Click to expand...

Look again. The OP turned "finding" and "opening" the app into two distinct steps. In my quote-back I combined them into the one step they are in actuality.
 
acblue94 said:
I'll still shop at these places but I'll use my credit card or cash. Just how I use it anywhere else that doesn't have NFC. We aren't being forced to use this new system.
Click to expand...

Really. So you are fine with them collecting your marketing information and CC information?

So when rite Aid get hacked, you information is there for the taking.
 
emcampbe said:
Wow, so these companies sold their soul, with exclusivity for 3 years, to an untested company/system, all in order to save a measly 2% on credit card fees?
Click to expand...

For these companies, a measly 2% is a LOT of money. However as another poster said, they're already passing these fees onto the customer (even if you pay cash), it's really about gaining another 2% in profit!
 
This sounds like a problem with the merchants. If the 2-3% fee per transaction is too, then work it out with the credit card companies. Don't penalize the user/customer for shopping at your establishment. Plus, if you already accept the credit card in your brick and mortar stores, what makes a difference if it's with a card or with a mobile device? You'll have to update your hardware either way with ApplePay or CurrentC. Hopefully Apple and Google blocks there apps soon to eliminate this problem altogether (not just an Apple problem, hate to say it). Apple could easily modify their app to accommodate for any loyalty programs, if they wanted to. Maybe that could be an incentive for merchants that would possibly work with Apple, but still keep their anonymity when paying with ApplePay.
 
ececlv said:
Ever been to Starbucks?

They have had much success with a Code scanner type Method of Payment.
Click to expand...

Apologies in advance if my response to you is out of context. You didn't quote anyone else so it looks like a general statement you made.

Starbucks is not directly connected to my checking account for withdrawal. Can load up gift cards only. Or funded with a credit card so they pay a fee anyway.
Nor did they ask for and store my drivers license and social security number.
And I won't be returning that latte, so credit card use protection is not a big deal.
And they may be tracking my coffee habits, but it won't be collecting data and info at the scale this will be.

This is just bad and not the same as starbucks in so many ways. The QR code may be their only similarity.
 
The MCX should've just kept its mouth shut last week for their own good. Although, I'm glad they didn't because now we all know how awful their "solution" really is. I expect MCX and CurrentC to fail just about as quickly as GTAT did a few weeks ago.
 
This sounds system sounds GREAT.....said no one ever!

It will die hard and fast!!! The last people I'm going to trust with my info are these people. I don't think pay-pal is all that great either but I trust them more then these idiots!
 
Using ACH is a good idea... but this implementation is terrible. ACH fees tend to be anywhere from a few pennies to 50 cents, depending on volume and how much their bank wants them as their client. It's much less than a card scan, either way...

But, instead of not shopping there, maybe I'll go in there and buy a pack of gum on my American Express, every day, using the MagStrip instead of Chip. Why? Because AmEx is known for charging the highest per-scan fee of the 4 major card processors, with magstrip use of course costing the retailer more on that scan for fraud protection... which also translates into the best rewards for the user. I mean, why not? Inconvenience me, and I can inconvenience you too...
 
jtmarine73 said:
There is no way I would EVER use this! Beside, anyone making a payment that is low enough for cash these days has the cash on them.
Click to expand...

Don't generalize. I almost never have cash on me. It's so simple to pay with cards and I hate having a fat wallet. That and the fact that I'm not paid in cash so it requires going to an atm which I see no reason to do when everywhere I go accepts debit or credit.
 
When they find out that the liability for fraud is moving from the bank to the vender if they do nothing about chip/pin implementation things might change

this sounds like something that initial design studies were done about 5 years ago by marketing people

I would like to hear what the Shark Tank folk would say

Only a matter of time before this is dead
 
roadbloc said:
Actually they probably can't. A move like this would spawn a lot of AntiTrust issues, something Apple probably doesn't want since they're giving Microsoft a run for their money with proprietary technologies. And default apps. And everything else Microsoft were sued for in the 90s because of AntiTrust.
Click to expand...

Being that the app requires bank account and SSN #'s apple can probably point to something in their terms of service about security and confidentiality that would allow them to block the app. I didn't even think of that till I read it. If apple can show a concern for consumer protection they are golden. As stated by the Starbucks card, they have never blocked that, but the starbucks card is pre-loaded, not linked to a bank account. Someone steals your card, the most they are getting is a few latte's, not a new car and gas for a year.
 
jpmd70 said:
You said:
Originally Posted by jclardy View Post
CurrentC:
1. Unlock phone
2. Find CurrentC app
3. Launch CurrentC app (same step) <- wrong
4. Hope you have adequate signal in concrete walls of the store (also required for Apple Pay) <-wrong
5. Hold phone up to scanner (also required for Apple Pay) <-wrong

Have you used :apple:Pay?
1. Hold iPhone near NFC device.
2. Put finger on Home Button.
3. Done.
Click to expand...

Wrong. Look again. I combined steps 2 and 3 into one step because finding the app and launching it is not really two steps.

Apple Pay works without a cell signal? Uh, no.

Apple Pay works without you even holding the phone? Uh, no.

These systems are different, and CurrentC is obviously more complex to use, but exaggeration to make that point isn't required.
 
500k sign-up per business? I can't believe these big businesses were sold on this concept based on the glaring negatives of the service. My prediction It will not even get off the ground. In this age, people are aware of credit card fraud and stolen information because it is always in the news. This just goes to show why this still happens as there are businesses out there that make rash decisions to support this flawed systems. Give them direct access to your account? Hackers rejoice!

"We save you 3% per transaction. Just need customer soul? Yes?"
CVS: Deal!
 
Hey, MCX, answer this for me:

Best Buy needs my health and medical information why, exactly?
 
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