Why do people in the US seem to use Credit Cards for everything, don't you have Chip&PIN systems? Here in the UK we can already use our ATM cards to pay for stuff at the checkout using Chip&PIN. If you do this, the money is transferred from your checking account to the store directly, so does not involve a Credit Card company. A bit like the CurrentC system, without all the scanning hassles.
However, using this method, you don't have to give your bank or other details to any third party (unlike CurrentC) and this service is run by the banks themselves. I would guess the banks are charging the retailer for the service, as some smaller stores will not let you pay this way unless your purchase is above a certain amount, usually £5.
Clearly MCX can't operate this payment clearing service for free, so they are going to use data mined advertising, which means these stores are basically transferring their banking charges to their customers.
I am also wondering if the CurrentC system could be vulnerable to a Man-in-the-Middle attack. Where someone may be able to scan the QR code shown on your phone screen (perhaps with another phone) and then take money from your account using your code?
Finally, do you have these kinds of ATM cards in the US and if you do, can you store and use them with ApplePay?
