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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!

Exactly, I'm beside myself, this is a perfect example of greed and CEO's of big companies not understanding technology! Let me get this straight, they're going to release a payment system that will take, a minimum of 5 minutes for transactions, tied to my checking account, with every bit of my personel info out there on their servers.

I can see it now, people getting up register, oops forgot to open App, open App, get a QR code, check for the so called discounts and coupons and all this while people behind this person are getting very impatient!

This has got to be one of the stupidest systems ever, and to think companies paid $500,000 up front. The big bean counters are so out of touch with customer wishes and tech. It's just to funny.

They're are going to lose a lot more then 3% per transaction just from the amount of customers going elsewhere.

People want less info being stored, less access to our info. How can anyone, seeing all these security breaches even sign up for this. Crazy!!!
 
What?? Come again? Link your what to my debit account?

Not to praise Google Wallet or Apple Pay, but the reason of these NFC payment is to eliminate the real account number to be exposed during transaction. Hence the token.

Your CurrentC (at least you'd be smart enough to call it Current...A, no offense Canadian.. haha), paddle right into the swell and now you want our debit account number?? Have you lost your mind?
 
Through the credit card authorization process, which is what happens when you swipe a card at the terminal. If Apple Pay can use that system then I concede the point. Yet I see when looking for answers on this specific point that some say it can and some say not.

I'm sure i'm late for this....

BUT, it isn't that it CAN, but that it DOES. That is the whole freakin' premise behind it.
 
An idea

Fraud is one reason why those transaction fees are so high, correct?

Because of the reduced fraud risks, could the credit card companies and banks offer a slight discount on transaction fees if they use NFC (Google Wallet or Apple Pay or jack up the rates for non NFC transactions?

Thoughts everyone?
 
So say it does, some say it doesn't.

Look at the Apple support pages.

You do not need a cell or wifi connection to make a payment using Apple Pay.

However, you do need a cell or wifi connection to receive an acknowledgment of the transaction on your phone. If you have no connectivity when you pay, you will receive acknowledgment of the transaction the next time you connect (wifi or cell).

Apple recommends that you have a connection while using Apple Pay to prevent possible double billing but the connection is not required.
 
Yep, its easier to launch an and use the app with a QR code, then show the merchant that code, vs a TouchID that's all built into iOS with NFC capable Phone.


I've just wasted 10 seconds...


Most Apple user would tell u TouchID is more secure, which is probably is, but it's not like QR codes can easily be hacked either..
 
This is DOA. How long before the "member stores" realize that I wonder?
Depends on how invested they are in wishing reality was different than what it is. Also depends on how hard it is to get out of their MCX contracts.
 
CurrentC was doomed to fail from the start. However, they must have one hell of a marketing team if they were able to convince dozens of merchants to put up 500k years in advance of the system going live.

There's no way this system could've been successful. Just look at the steps required:

Unlock your phone
Find the CurrentC app
Open the CurrentC app
Enter the app passcode
Line up the camera with the QR code

Even before Apple Pay came along, that's still too many steps for most people to bother with it. And, if anything in that list doesn't happen with fluidity, what's the customer going to do? Say "screw it" and pull out plastic which totally defeats the purpose of having the CurrentC system in the first place. Those merchants that backed this were sold a bag of worthless goods, to be sure.

What a huge slap in the face Apple Pay is to CurrentC and the MCX. Think about it...CurrentC only uses ACH so you'd think they'd be all about getting bank partnerships. However, I don't see any mention of any such partnerships on the MCX/CurrentC site. Meanwhile, Apple Pay has only been announced for six weeks and Apple already has over 500 banks in the U.S. clammering to partner with them.

CurrentC is toast. They shouldn't have taken over two years to get their product to market. Not that Apple Pay still wouldn't have decimated them; but now they have absolutely zero chance of being successful.
 
Ridiculous. Has all the hallmarks of being designed by committee and made worse by engineers.

Indeed. I didn't realize how convoluted it was until now. It's like a high-school science project done on a shoestring.

Scratch that. High school kids would do better.
 
Yeah because I totally want my bank statement to be filled with normal purchasing transactions. That's what we all have credit card(s) for. And to provide all my sensitive information only for this cloud to (inevitably) get hacked? No thanks. This is doomed to fail.
 
The best part is that when CurrentC's servers get compromised, hackers will have enough information about your identity to take out mortgages in your name.

But but but ... all the information is in a "secure vault", or so we are told, so what could possibly go wrong?
 
Fraud is one reason why those transaction fees are so high, correct?

Because of the reduced fraud risks, could the credit card companies and banks offer a slight discount on transaction fees if they use NFC (Google Wallet or Apple Pay or jack up the rates for non NFC transactions?

Thoughts everyone?

Visa already did this, albeit not directly on transaciton fees.. If you upgraded your terminals in 2013-2014 (maybe beyond) to accept NFC and smart cards, and got 75% or more of them upgraded, you got to skip expensive PCI DSS audits for five years (a.k.a., the carrot).

The stick is that effective October 2015 (gas stations in 2017, ATMs have no deadline), if a payment terminal doesn't accept chipped cards (contact chip/smart chip), but the card has it, the merchant loses automatically if the consumer calls it fraud. Vice versa if the merchant supports it but the card doesn't have it (bank loses immediately).

The credit card companies are working to create incentive for accepting more secure payment technologies, the stores are resisting because they want more for it (e.g. lower transaction fees).
 
Which is a pain too, and not necessarily more private. FWIW, I don't know that they can insist on customers providing their SSN, at least not more than the last four digits. You cell provider will ask you for that to ID yourself when you call, and I don't hear any objections to that.

I always object that, and they verify other ways.

Anytime I'm asked for SS number I question why, and ask for another way.
No, I don't always win that battle, but I'll always try and, sometimes I do win.:cool:
 
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.

Still an extra step involved. You have to scan the retailers code, then the retailer has to scan YOUR QR code on your phone.
 
What Would Darwin Say?

There's something dreadfully prehistoric about this whole thing.
 
What makes them think that Apple and Google will put this app into their app stores. I'm sure there's some loop hole that Apple and Google could come up with to reject it.

It's in the App Store. Apparently with 1,000 reviews and a total of about 1,020 stars in the ratings (one star is the lowest possible).
 
Hmm, so I would lose the 2-5% rewards, fraud protection, free extended warranty, price rollback guarantee, ability to pay over time (at least the 25 days before interest kicks in).... in exchange for giving them my SSN, Drivers License Number, and bank information?

I mean... if hackers/fraudsters charge up my AMEX or VISA one call and it's handled. If they drain my checking account I have overdraft fees and I can't pay my mortgage.

And if they are doing this to save 2%, I can't imagine any incentive they are offering would exceed the money they are trying to save in exchange fees. At least not by much. (I am sure they are counting the revenue for selling my information).

Older people (my mother) is never going to use this because its way too complicated. Younger people (me... sorta) is never going to give up the rewards, card benefit, privacy, or deal with the hassle with using this.

It's dead on arrival. Dumb dumb dumb. If I do find myself in any of these stores, and since i gotta get a credit card out anyway, I will be sure to use my American Express, since it has the highest fees for the merchant.
 
CurrentC is a great example of a "for programmers, by programmers" product. They made this thing. It may work well, in theory, as long as the users follow the process. It does not, however, follow any guideline for speeding up purchases, keeping customers info private, nor does it keep them secure, especially linking directly to bank account.

However, these same programmers will try to convince you that they're amazing because the code is clean and precise and they used clever variable names.

Sorry, Apple Pay (and even Google Wallet) will put this thing out of its misery. Quickly.
 
To use CurrentC, consumers must have an active account that requires them to set up a bank account as a payment source and confirm their identity by providing their driver's license and social security number. This sensitive information is stored in the cloud and not on the phone.

Oh, is that ALL? Can I provide you with a copy of my birth certificate and a DNA sample while I'm at it?
 
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