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MCX CEO Out After Best Buy Begins Accepting Apple Pay
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Samsung Pay is going to work practically everywhere in the states when it launches this summer because it utilizes both NFC & MST. Sounds like CurrentC is over, while Apple, Google and Samsung are off and running.
There is the fact the banks and CC companies obviously don't want to share any transaction fees with Apple, plus they don't like the fact Apple isn't mining any customer data for them, so they're naturally going to try to come up with their own more favorable (to them) system. In order to win consumers over however, they would have to convince us CurrentC is as secure as the security features built-in toPay.
Banks and credit card companies seem to be in favor Apple Pay. Look at all the promotion they are doing:
It's the stores who do not want to pay CC fees. They came up with the idea to link a mobile app directly to your checking account to avoid credit card fees.
And what we got was CurrentC... which is a mess.
You gotta give the MCX consortium credit for trying, and keeping a brave face, but they have an uphill battle ahead.
There is the fact the banks and CC companies obviously don't want to share any transaction fees with Apple, plus they don't like the fact Apple isn't mining any customer data for them, so they're naturally going to try to come up with their own more favorable (to them) system. In order to win consumers over however, they would have to convince us CurrentC is as secure as the security features built-in to
But there's also the reality of more disposable income in the iOS camp.
I see a bleak future for them and ain't betting on their success. As ApplePay continues to roll out to more and more locations, expect to see a lot more defections from the MCX side.
There was a very narrow path to success that CurrentC could have taken, but they were too shortsighted and greedy to do it.
I get them hating transaction fees. But essentially they wanted to create a system where they just pocketed the money instead of the credit card companies. And would do it with a system that required a lot of personal information and would actively share data among members.
They failed to provide any type of value proposition to their customers other than the vague promise of some sort of reward system. That's what made it DOA.
Working backwards, they should have built a model that would provide a discount price for customers (the amount they pay in CC fees with a small amount without). And they would have to map it with a front end that had less security issues and was more user friendly.
It would still be a long shot. But customers have proven time and time again they will always go to the option that saves them money.
Even then, this would have had to come out before all the NFC payments hit the market. Now that ship has sailed and anything they create will look bad in comparison.
This company is the biggest joke. Why would you try and compete with a system (NFC) that is obviously light years ahead? The whole QR code thing is dumb and I'm glad these bozos aren't going anywhere with this sad excuse for a payment system.
So you would rather trust your purchase data and profile to a company like Walmart or Google? Really?
You DO understand that YOU are the product when dealing with CurrentC, right?
I think CurrentC could've been successful if it didn't shy away from competition by forcing its clients to use its system exclusively. All the contract has done is brought on bad publicity and a reason for people to look for drawbacks to the system.
Supposedly the software would allow for people to manage their reward accounts, find coupons and view in store circulars and CurrentC planned on something similar to iBeacon for sales and promotions. Sounds way more capable than Apple Pay and reasons for me to actually elect to use it over Apple Pay.
If they never started with Apple Pay, people may not have been so prejudiced against it.
Supposedly the software would allow for people to manage their reward accounts, find coupons and view in store circulars and CurrentC planned on something similar to iBeacon for sales and promotions. Sounds way more capable than Apple Pay and reasons for me to actually elect to use it over Apple Pay.
If they never started with Apple Pay, people may not have been so prejudiced against it.
Perhaps they should call themselves ObsoleteC.
And heck now they have a Bank of America big wig running things, what could go wrong with customer service? All they need now is Comcast to run their customer service department, and to launch in Sears and K-Mart, and they'll be golden.
Golden like Blockbusters.
And heck now they have a Bank of America big wig running things, what could go wrong with customer service? All they need now is Comcast to run their customer service department, and to launch in Sears and K-Mart, and they'll be golden.
Golden like Blockbusters.
CurrentC meanwhile doesn't even work because a whole zero stores offer it LOL! And people complained that Apple Pay does not work anywhere.
I just used Apple Pay at a mom and pop cafe with no issues! They didn't even know their machine could take it! When I showed them they were surprised and happy.
I just used Apple Pay at a mom and pop cafe with no issues! They didn't even know their machine could take it! When I showed them they were surprised and happy.
Meh, those taxes are owed either way. It's just easier to fudge with cash (hence why waiters prefer cash tips).
They're busy making the "consumer preferred" app? How is it consumer preferred if it's not even out yet.
I prefer apple pay, it works really really well when I need a snickers bar at the nearby vending machine.
I prefer apple pay, it works really really well when I need a snickers bar at the nearby vending machine.
Nice to see BB accepting AP finally. If I can put my BB store card on Apple Pay I would shop there more than once a year.
I'm not sure if a system of payments that works in zero stores is really eligible for the term, "around."
If a payment system exists, but no one can use it, does it really exist?
From a consumer perspective, I really don't care. The more platforms push NFC, the bigger incentive there is for more merchants to accept it. I have no rooting interest in Apple Pay over the others.
I use LoopPay with my iPhone, so I'm in. I'm just looking for a fast and convenient way to pay for things when I'm out and about. MST may be outdated but it's everywhere in the U.S. The service itself is still cutting edge and a tech giant like Samsung will be able to easily adopt new technologies going forward. Using both NFC & MST is smart. I'm going with the contactless option that currently works 95% of the time instead of 20-30%, but that's just me.I haven't heard a whole lot about Samsung Pay, but if it utilizes MST, I'm all in.
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Yes, I agree, but Apple Pay's position is not yet secure. Only 20% of iPhones in use support Apply Pay (without assistance from an Apple Watch). Apple need to quickly increase the user base, as well as the merchant base and the bank base.
I predict that going into 2016 the entire iPhone line and a new iPad Touch will all support Apple Pay (without assistance from an Apple Watch).
There are literally hundreds of banks and credit unions supporting it already and the store base will naturally increase over time as they switch to chip. The user base is the biggest problem IMO.
Yeah really. More like a tremendous opportunity for the establishment not to get donged by Apple. Apple wants the illicit pleasure of raking in billions on transaction fees...
Wait, what? "Apple wants the illicit pleasure of raking in billions on transaction fees"?
Apple receives a transaction fee of 0.15% and for that they assume some of the liability of the transaction. That's 15 cents for a $100 transaction.
To put it another way, if my math is right, for Apple to "rake in" a billion on transaction fees they will have to be processing two-thirds of a trillion dollars worth of transactions.
Call me a skeptic, but I'm guessing that's probably a ways off.
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