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Apple Pay vs Current C

A

ajiuo

macrumors 65816
Original poster
Apr 9, 2011
1,129
641
I think Apple and Google could get together on this one and shut currentC down pretty easy... It's simple.

Refuse to sale the currentC app in their app stores. If currentC wants to block NFC payments then Apple and Google can do the same thing. CurrentC needs Apple and android devices... The devices don't need currentC.
 
ajiuo said:
I think Apple and Google could get together on this one and shut currentC down pretty easy... It's simple.

Refuse to sale the currentC app in their app stores. If currentC wants to block NFC payments then Apple and Google can do the same thing. CurrentC needs Apple and android devices... The devices don't need currentC.
Click to expand...
Two wrongs wouldn't make a right.

Give full access to both to consumers, and may be the most popular method win.
 
aristobrat said:
Two wrongs wouldn't make a right.

Give full access to both to consumers, and may be the most popular method win.
Click to expand...
...or maybe Apple should give in to sharing the profits in order to reach a wider consumer base.

I know that's not a popular choice but consider this. Th App Store and iTunes music are houses that Apple built so they made the rules when it came to how people can participate. But now Apple has to play in someone else's house and unfortunately their previous strong arm tactics don't apply.

ApplePay is absolutely brilliant on every level (and I'm hating everything about CurrentC), but the one thing that can hold it back is retail adoption. As tough as people may sound when boycotting a major retailer, we really aren't ging to make a difference. And to be honest, that's not our job to. Apple is the one that has everything to gain or lose here so maybe their best choice is to buy their way in rather than shut themselves out.
 
There is no need, currentc will shut down itself with its convoluted process and privacy concerns.
 
CurrentC looks like it was designed for Windows CE. Apple Pay and Google Wallet etc are far more modern. Apple Pay is also simpler to use and does not share your info with the stores.
 
Last edited by a moderator:
Cougarcat said:
There is no need, currentc will shut down itself with its convoluted process and privacy concerns.
Click to expand...

Pessimist. I can't think of any reason not to give a third party database that is accessed by hundreds of merchants information like my driver's license number and social security number. Are you really worried about privacy here???

Just kidding, I hope that was obvious...
 
newellj said:
Pessimist. I can't think of any reason not to give a third party database that is accessed by hundreds of merchants information like my driver's license number and social security number. Are you really worried about privacy here???...
Click to expand...

Missing the most important number to give....your bank account number.:eek:
 
Julien said:
Missing the most important number to give....your bank account number.:eek:
Click to expand...

Dear CurrentC customer,

the MCX database was hacked. You may want to :

1. Contact the IRS because it is most likely your SSN will be used for identify theft.

2. Change your entire bank account number if there is any money left in there to begin with. (don't bother asking for the money back the bank can't help you it's gone)

we apologize for the inconvenience to your LIFE but hey, you saved us 2% on transaction fees.

P.S. Everyone knows you have diabetes now so we apologize for targeted ads you may receive now because of that.

Sincerely,

MCX
 
it will crash and burn on its own. remember that nfc is widely used outside of the us, and currentc is (from what i have read online) us-only. apple pay is going to have nice penetration worldwide and it will be further ammo for these companies to use the more global nfc standard. and that's not even mentioning the fact that currentc looks like an irritating system to use with privacy issues. i doubt people will be very welcome to it.
 
You guys are all making fun of CurrentC, but at least they don't store the credit data on a tiny dedicated chip on ip6/6+ logic board like Apple does.

If a thief happens to get a hold of your ip6, all they need is a walnut cracker or a decently sized stone to be able to bust open that chip and extract your credit card data with a pair of tweezers.

Edit: come on guys, it's clearly sarcasm
 
Last edited:
You guys are all making fun of CurrentC, but at least they don't store the credit data on a tiny dedicated chip on ip6/6+ logic board like Apple does.

If a thief happens to get a hold of your ip6, all they need is a walnut cracker or a decently sized stone to be able to bust open that chip and extract your credit card data with a pair of tweezers.
Click to expand...

*facepalms* They don't store any credit card data the Secure Card. And you know something.... Someone takes my credit number and uses it .... no problem, the bank takes the charges off.

Someone hacks CurrentC and gets my checking account information, they can wipe out my checking and saving account. And I am not reimbursed or made whole by the bank.

Break it down for you:

Credit number taken = Bank takes the liability
checking/saving acct wiped out by CurrentC hack = I have to take the liability.
 
You guys are all making fun of CurrentC, but at least they don't store the credit data on a tiny dedicated chip on ip6/6+ logic board like Apple does.

If a thief happens to get a hold of your ip6, all they need is a walnut cracker or a decently sized stone to be able to bust open that chip and extract your credit card data with a pair of tweezers.
Click to expand...

Not sure if serious?

----------
urkel said:
...or maybe Apple should give in to sharing the profits in order to reach a wider consumer base.
Click to expand...

Apple makes .15% out of the bank's already established cut on each transaction. Do you really think the consortium went through all the trouble to reduce the bank charge by .15%? Do you think that will satisfy the merchants?
 
Armen said:
Dear CurrentC customer,

the MCX database was hacked. You may want to :

1. Contact the IRS because it is most likely your SSN will be used for identify theft.

2. Change your entire bank account number if there is any money left in there to begin with. (don't bother asking for the money back the bank can't help you it's gone)

we apologize for the inconvenience to your LIFE but hey, you saved us 2% on transaction fees.

P.S. Everyone knows you have diabetes now so we apologize for targeted ads you may receive now because of that.

Sincerely,

MCX
Click to expand...

That was hilarious and not so far from distant future.

I don't even think they will launch this CurrentC or at least not without some changes.
 
ajiuo said:
I think Apple and Google could get together on this one and shut currentC down pretty easy... It's simple.

Refuse to sale the currentC app in their app stores. If currentC wants to block NFC payments then Apple and Google can do the same thing. CurrentC needs Apple and android devices... The devices don't need currentC.
Click to expand...

IDK, I see Apple/Google possibly getting slapped with a lawsuit over this if they block the app. I think MCX is their own worst enemy, considering it was created by a big retailer (Walmart) and a lot of other big retailers (Target, CVS, Rite Aid) are colluding to make it the only service accepted in their stores. I'd like to quote this article from DailyTech in which they quoted Lee Scott, Walmart's Former CEO:

As to how CurrentC will fare in the marketplace amid tough competition, Walmart CEO Lee Scott bluntly told retail-banking analyst Ron Shevlin, “I don’t know that it will, and I don’t care. As long as Visa suffers."
Click to expand...

This tells me Walmart wants to try and kill the card companies. The government isn't going to like this. I see an anti-trust lawsuit coming soon. Plus the fact that to even use the service they need not only you bank account number and drivers license number, but also your Social Security Number the government and everyday people won't like that either.

Badrottie said:
I don't know. What are better benefit between two? Pro and Con? :apple:
Click to expand...

Apple Pay:

Pros:
  • Touchless NFC Payments
  • Uses Credit Cards, Not ACH for charging so you get the same Fraud Protection if ever needed
  • Card Numbers are Stored locally on iPhone encrypted and never backed up (like TouchID)
  • More Secure (TouchID or 4 Digit Pin Code to authorize)
  • More User Friendly

Cons:
  • Only works in-store on iPhone 6/6 Plus and Apple Watch

CurrentC:

Pros:
  • Compatible with Older iPhone Models without NFC

Cons:
  • Requires Social Security #, Bank Account #, and Drivers License # to use
  • All three numbers are stored on MCX's Servers, not locally
  • Uses ACH to make payments, meaning your (more then likely) liable for fraud
  • Not as user friendly (instead of a fingerprint scan, it needs you to either scan or show a QR code the cashier to make the payment)
 
aristobrat said:
Two wrongs wouldn't make a right.

Give full access to both to consumers, and may be the most popular method win.
Click to expand...

Why does one system need to "win"?

Do you realize that there are at least 4 major American credit card systems for the last 20 years, and they have all co-existed together? Amex, VISA, MasterCard, and Discover. Four major systems, and consumers get a choice which one they want to use.

I'd be perfectly happy in the future if both Apple Pay and CurrentC are accepted forms of payment everywhere.
 
You guys are all making fun of CurrentC, but at least they don't store the credit data on a tiny dedicated chip on ip6/6+ logic board like Apple does.

If a thief happens to get a hold of your ip6, all they need is a walnut cracker or a decently sized stone to be able to bust open that chip and extract your credit card data with a pair of tweezers.
Click to expand...

You left out the best part! With CurrentC your SSN, bank account number, and DL numbers aren't stored on a little chip on the phone, but rather in the impenetrable cloud!
 
You guys are all making fun of CurrentC, but at least they don't store the credit data on a tiny dedicated chip on ip6/6+ logic board like Apple does.

If a thief happens to get a hold of your ip6, all they need is a walnut cracker or a decently sized stone to be able to bust open that chip and extract your credit card data with a pair of tweezers.
Click to expand...
Say what, now?

----------
iamMacPerson said:
Apple Pay:

Pros:
  • Touchless NFC Payments
  • Uses Credit Cards, Not ACH for charging so you get the same Fraud Protection if ever needed
  • Card Numbers are Stored locally on iPhone encrypted and never backed up (like TouchID)
  • More Secure (TouchID or 4 Digit Pin Code to authorize)
  • More User Friendly

Cons:
  • Only works in-store on iPhone 6/6 Plus and Apple Watch

CurrentC:

Pros:
  • Compatible with Older iPhone Models without NFC

Cons:
  • Requires Social Security #, Bank Account #, and Drivers License # to use
  • All three numbers are stored on MCX's Servers, not locally
  • Uses ACH to make payments, meaning your (more then likely) liable for fraud
  • Not as user friendly (instead of a fingerprint scan, it needs you to either scan or show a QR code the cashier to make the payment)
Click to expand...

The other pro for CurrentC is the savings to the customer in the form of targeted coupons and 5% back (in the beginning). That's the big shiny carrot they'll be dangling to distract from the big stick of lack of privacy and security.
 
iamMacPerson said:
IDK, I see Apple/Google possibly getting slapped with a lawsuit over this if they block the app. I think MCX is their own worst enemy, considering it was created by a big retailer (Walmart) and a lot of other big retailers (Target, CVS, Rite Aid) are colluding to make it the only service accepted in their stores. I'd like to quote this article from DailyTech in which they quoted Lee Scott, Walmart's Former CEO:







This tells me Walmart wants to try and kill the card companies. The government isn't going to like this. I see an anti-trust lawsuit coming soon. Plus the fact that to even use the service they need not only you bank account number and drivers license number, but also your Social Security Number the government and everyday people won't like that either.







Apple Pay:



Pros:

  • Touchless NFC Payments
  • Uses Credit Cards, Not ACH for charging so you get the same Fraud Protection if ever needed
  • Card Numbers are Stored locally on iPhone encrypted and never backed up (like TouchID)
  • More Secure (TouchID or 4 Digit Pin Code to authorize)
  • More User Friendly



Cons:

  • Only works in-store on iPhone 6/6 Plus and Apple Watch



CurrentC:



Pros:

  • Compatible with Older iPhone Models without NFC



Cons:

  • Requires Social Security #, Bank Account #, and Drivers License # to use
  • All three numbers are stored on MCX's Servers, not locally
  • Uses ACH to make payments, meaning your (more then likely) liable for fraud
  • Not as user friendly (instead of a fingerprint scan, it needs you to either scan or show a QR code the cashier to make the payment)
Click to expand...


Card numbers are not stored anywhere on the phone. They store a security token in exchange of the card details.
 
Ntombi said:
Say what, now?

----------



The other pro for CurrentC is the savings to the customer in the form of targeted coupons and 5% back (in the beginning). That's the big shiny carrot they'll be dangling to distract from the big stick of lack of privacy and security.
Click to expand...

And it's already month-old news that Apple Pay (along with its credit card partners like VISA and MasterCard) plan to offer a loyalty reward program. Of course there will also be carrots and incentives to use Apple Pay and to get it off to a strong usage start. It's a brand new system, so it makes sense for them to offer added incentives and perks for people to start using it.

Apple could offer loyalty rewards for mobile payments

----------
navodwickra said:
Card numbers are not stored anywhere on the phone. They store a security token in exchange of the card details.
Click to expand...

Sadly, the people quick to dismiss how Apple Pay works are exactly the people who do not yet comprehend what "tokenization" is.
 
I don't see an issue with CurrentC honestly and considering there is a large amount of people who have iPhone's that cannot support apple pay or even on a broader scale non iPhones that can't support NFC. The consumer wins either way.

If there is a consider about information being data mining of information then why use the internet to begin with?

There are room both both players and if CVS or rite aid or whoever do not take apple pay then. Why not go somewhere else?
 
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