I haven't heard a whole lot about Samsung Pay, but if it utilizes MST, I'm all in.
Once the switch over to EMV happens, MST will become irrelevant and the only supported contactless method for chip enabled cards will be NFC.
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MCX CEO Out After Best Buy Begins Accepting Apple Pay
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Once the switch over to EMV happens, MST will become irrelevant and the only supported contactless method for chip enabled cards will be NFC.
And that's fine, but I'm not concerned with what works best a couple years from now, I want what works now. I feel like if Apple acquired a company to allow its service to use both NFC & MST, and Apple Pay was able to launch with over 90% of the retailers in the U.S. able to accept it, a lot of people would be hailing the move as brilliant.
The sad thing is... they've been working on it for years. They announced it in August 2012.
And it hasn't even launched yet! It's still in a limited trial phase.
Rats leaving the ship
Remember, when the chief executive rats are already leaving the ship, there is still good money to be made from beating a dead horse and salvaging its cadaver.
That's all this is about, a greedy suit stuck for options grabbing for fat paychecks.
Remember, when the chief executive rats are already leaving the ship, there is still good money to be made from beating a dead horse and salvaging its cadaver.
That's all this is about, a greedy suit stuck for options grabbing for fat paychecks.
Long ago I said CurrentC would be DOA; after all given the alternatives of plastic and NFC, who would want to use a fiddley QR based system that gives a Walmart backed consortium access to your bank accounts with none of the protections or rewards offered by the CC companies.
I may have been wrong.
It looks increasingly likely that it will be stillborn.
I may have been wrong.
It looks increasingly likely that it will be stillborn.
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 toPay.
Banks and credit card companies don't want CurrentC. The purpose of CurrentC is twofold: To remove the credit card companies (and importantly the credit card fees) from the transaction, and to grab customer information. That's why CurrentC dislikes Apple Pay, because it prevents both. On the other hand, credit card companies surely don't support CurrentC, because it costs them real money. ApplePay is fine for them because for a tiny cost they get a lot of added security, and more fees if people use ApplePay instead of cash.
I think the problem is more that CurrentC doesn't give any benefits to the shoppers, while ApplePay does. With CurrentC, you have to give stores access to your bank account, which makes it hard to contest any charges, the user interface is clumsy, and they collect your data. With ApplePay, there's no downside for using it, it is simple and quick, and it is more secure in case the store employee is a crook.
My guess is they are desperately developing a NFC solution, but even with that, are so late to the game as to possibly be irrelevant. Further, there is so much customer awareness of the grab going on, that to sign on customers will demand rewards or greater protections, which will destroy the business model.
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I think CurrentC needs to be rebranded. let's hear your suggestions!
One reader proposed:
"ObsoleteC"
I throw in:
"DeadC" and
"RedC"
Your snarky suggestions are welcomed in your replies below!
You're kidding, right? Having to pull out your credit card, instead of waving your phone, keeps you from shopping at particular store? SMH
This is how you push for your platform of choice to be adopted, by voting with your wallet. I think this is a very commendable action. If more people are willing to step up and say "I am not shopping here until you support Apple Pay", we will definitely see it being implemented much quicker, because even if you don't, others will.
In addition to that ShinySteelRobot, Apple is not taking a 0.15% fee on top of existing fees, it is taking out of the already existing CC transaction fee - so retailers aren't paying any more than they did before at all - Apple's cut comes from the CC companies/banks, not the retailer. So Urban Joe, the "establishment" isn't getting donged by Apple at all - 0% in fact.
Yes.
Promises of how secure their system is (BB's wifi used to be insecure for their credit card transactions, back in the 90's), doesn't help me when I have an issue with the bank. I don't need to go through an "guilty until proven innocent" drama for each charge on my account.
I just got a call from my bank asking me if certain charges on my debit card were legitimate, and the dumb thing is that if I answer, "no" to any of them, I'm without a debit card, and the charges are read off by a computer. I don't remember the exact amount of charges, and sometimes Mrs. thequick uses my card for paying bills or other things, so it was good that she was next to me when the charges were being read off.
Anyway, the point of this extended rambling was that with Apple Pay, I worry less about the fake charges, as the system gives me a new card number each time a transaction is done, so I can be assured that the risk of fraud is lowered.
As for BB, or CVS not using a new technology for their payment systems (especially CVS, that already has the equipment), this isn't the same as them not taking Rupees in Kansas. This is like them saying that my dollars (we're still in Kansas) are not accepted there, because my wallet is made of leather from Texas.
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.
The mere concept of linking a mobile app to a checking account gives me nightmares. No thanks. I'll take credit cards every day of the week. Stores pay CC fees because it's typically the stores that have data breaches. It's typically a store that swipes a stolen card without ever checking ID. I signed my Costco AMEX Josef Stalin, and my other AMEX has check ID written on the back. IIRC, I've only ever once been carded. Stores are the weak link in the security chain and that's why they pay the fees that allow me to call up American Express and say, "Yeah, I didn't buy a Jet Ski on my Card." and have them reverse the charges immediately.
AAPL - $760B
Walmart - $256B
CVS - $114.3B
Target - $53.B
So, with a market capitalization of approximately half of Apple's, Walmart, CVS, and Target are "the establishment?"
WAIT!!!
I just realized that MR had TWO articles in a row NOT aboutWatch!!!
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ObCelete
I just realized that MR had TWO articles in a row NOT about
Watch!!!----------
ObCelete
WAIT!!!
I just realized that MR had TWO articles in a row NOT about
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ObCelete
You are wrong about MR....... its THREE Articles in a row NOT about
watch....My guess is that the "next Phase" will be very interesting for CurrentC. If they actually roll it out as advertised, it will quickly fail and that will be that. However, maybe they are intending to make a change in approach and is the reason it has not rolled out.
It works for folks like starbuks only becasue it is tied to a heavy rewards program. If they do the same with CurrentC, then it may succeed only because user will hold their nose and use this thing in order to get a particular reward that will not be offered if they use any other form of payment.
The only other option is that CurrentC develop the ability to accept NFC (but probably only tied to a debit card).
These are the only two scenerios where I see them having a chance.
It works for folks like starbuks only becasue it is tied to a heavy rewards program. If they do the same with CurrentC, then it may succeed only because user will hold their nose and use this thing in order to get a particular reward that will not be offered if they use any other form of payment.
The only other option is that CurrentC develop the ability to accept NFC (but probably only tied to a debit card).
These are the only two scenerios where I see them having a chance.
That's why I tossed CVS from my shopping locations and closed my CVS Care account. Walgreens has my business now.