Apple Pay vs Merchant Exchange on Ip 6, 6+

Discussion in 'iPhone' started by jimbo1mcm, Oct 27, 2014.

  1. jimbo1mcm macrumors 68000

    Joined:
    Mar 21, 2010
    #1
    It certainly looks like there is a groundswell of pushback on Apple pay. Merchants want more information on their customers at the point of sale, so they can use it to increase sales. Apple pay doesn't allow this. Apple pay seems to be much more seamless and secure than the Merchant Exchange program which requires a data connection. This will be an interesting battle.
     
  2. JayLenochiniMac macrumors G5

    Joined:
    Nov 7, 2007
    Location:
    New Sanfrakota
    #2
    Interesting battle? It's no contest unless CurrentC changes the system so the customer's bank account isn't linked, subjecting it to data breach and fraud.
     
  3. rui no onna macrumors 603

    rui no onna

    Joined:
    Oct 25, 2013
    #3
    As long as the more familiar swipe and sign is an option, that's what most consumers will use. Merchants are trying to replace credit cards with CurrentC but given tech savvy early adopters are unlikely to go for the data mining and less secure CurrentC, I don't really see it gaining much traction. Heck, the only place I even use my Visa debit card is at ATMs inside banks (for withdrawal) and even that very rarely. I don't really fancy having my savings and checking accounts getting wiped because of debit/credit card theft. I know I'm not liable for charges for fraudulent debit card transactions but having a $0 or even negative balance on my checking account while the issue is being sorted out is bound to be a nightmare. At least with credit cards, it's the bank's/card issuer's money on the line.
     
  4. Noble Actual macrumors 6502a

    Joined:
    Sep 10, 2014
    #4
    Even credit cards are more safer than CurrentC.

    I'll be using cash, credit card and Apple Pay wherever it supports it.

    I will never be using CurrentC or go to stores that will force me to use it.
     
  5. kilcher macrumors 65816

    kilcher

    Joined:
    Jul 3, 2011
    #5
    If I understand this correctly...

    Retailers don't want to pay the 2-3% swipe fees so their system links directly to your checking account. This may be a good thing in that it may discourage people from buying things they can't afford. However...

    Credit card issuers are currently responsible for fraud.

    So under CurrentC who is responsible when your bank account (and misc. other info) gets stolen and used?

    I assume they will HAVE TO have some plan to reassure consumers they won't be liable for fraudulent purchases, right?

    I would guess we'll ultimately see credit card issuers lowering their fees in an attempt to keep everyone happy and on the same system.

    More than likely I'll continue to carry my credit card. Unless I can use one system for almost all transactions I'm just going to stick with what I know works everywhere.
     
  6. aristobrat macrumors G5

    Joined:
    Oct 14, 2005
    #6
    I'm not sure what to think about this.

    It sounds pretty much like what Target is doing with their "debit" REDCard, which also pulls directly from your checking account (as an electronic funds transfer, not as a debit transaction). They give you a 5% discount every time that you pay with the card.

    I think that if CurrentC retailers also start giving a decent discount every time people pay with CurrentC, more than a few folks are going to overcome their objections to the system.

    As for liability, Target's legal agreement doesn't specify what happens if they're breached and lose your checking account number.
     
  7. Rigby macrumors 601

    Joined:
    Aug 5, 2008
    Location:
    San Jose, CA
    #7
    Unauthorized ACH charges can be disputed for up to 60 days after they appear on the bank statement. This is regulated by the Electronic Fund Transfer act. However, it is more paperwork than a credit card dispute and of course you're out of the money until the dispute is settled. It is similar to debit card transactions in this regard (which is why I never use my debit card if I can avoid it).
     
  8. andyw715 macrumors 6502a

    Joined:
    Oct 25, 2013
    #8
    Is CurrentC going to increase the warranty on items I buy like my credit card does?

    I doubt it, I definitely wouldn't want to use it at best buy or places that sell expensive things that benefit from an extended warranty.
     
  9. JayLenochiniMac macrumors G5

    Joined:
    Nov 7, 2007
    Location:
    New Sanfrakota
    #9
    So CurrentC is basically a one big store card that works with many retailers rather than just one, but you'd have to be pretty foolish to agree to it even for 5% discount after the massive data breach at major retailers like Target, Home Depot, etc.

    Nothing wrong with offering it, but what they're doing is akin to refusing to let you use credit cards and forcing you to use their store card.
     
  10. itsmemuffins macrumors 68030

    itsmemuffins

    Joined:
    Jun 23, 2010
    #10
    Whilst this doesn't affect me. I would never buy into a system that links directly into my bank account so insecurely, to pay for merchandise.

    Imagine if this gets hacked. You would be cleaned out.
     
  11. aristobrat macrumors G5

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    Oct 14, 2005
    #11
    Like PayPal?
     
  12. 12vElectronics macrumors 68040

    12vElectronics

    Joined:
    Jul 19, 2013
    Location:
    California
    #12
    I'll never use CurrentC if it means linking to my checking account. Heck, I don't even think I'm going to use Apple Pay.

    Is there anyone else that feels like I do in that I have zero need or desire to change how I pay for things? I really don't mind swiping my credit card.
     
  13. aristobrat macrumors G5

    Joined:
    Oct 14, 2005
    #13
    Which is why I will be very surprised if anyone's checking account number is transmitted during a CurrencyC transaction. I bet you it's a token, like ApplePay, and your actual checking account number is stored in a place much more secure than a retailers front-end POS network.
     
  14. itsmemuffins macrumors 68030

    itsmemuffins

    Joined:
    Jun 23, 2010
    #14
    I don't use my bank account with PayPal.
     
  15. dave420 macrumors 65816

    Joined:
    Jun 15, 2010
    #15
    I am certainly not against Merchant Exchange or the CurrentC app, but it isn't even available yet. I would gladly link it to a secondary bank account I have and throw some money in it.

    I don't have ApplePay yet, but I do like to use my contactless credit card. I don't like that those are being turned off. I would figure it is a more secure way to pay than swiping, but I don't know the technical details.
     

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