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!
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.
So say it does, some say it doesn't.
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.This is DOA. How long before the "member stores" realize that I wonder?
6. Hold phone back up to scanner so retailer can scan your QR code
Ridiculous. Has all the hallmarks of being designed by committee and made worse by engineers.
Really? So how does it know that your credit card isn't over limit? Apple Pay is trick, but it isn't magic.
Now go back and read what I actually wrote. I'll respond to what I actually said, not something you totally made up, thank you.
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.
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?
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.
What you describe is not a "CC" which is an abbreviation for Credit Card.
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.
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.
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.