"tremendous opportunity for consumers"
what?
You totally missed the real beginning of the quote.
"MCX was created to capitalize on a tremendous opportunity for consumers..."
Therein lies the problem. As Tim Cook stated on the

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"tremendous opportunity for consumers"
what?
Only if you assume your waiter to be a tax cheat, and thus you are helping enable his illegal behavior.
That said, it is disgusting to me that any server be required to pay tax on their tips. It was after all a gift from patron to server, it was not a guaranteed wage.
In agreement with your first comment. On the second though, what I find disgusting is that it is legal for servers to be paid UNDER minimum wage at Sonic, IHOP, etc in expectation their tips make up for the shortfall. In essence subsidizing the company. THAT is the abuse that should be broken more than the tax code.
Not technically a gift. It's a payment for services rendered (based on quality). Sort of like a free lancer of a given industry. Free lancers still have to declare their income.
I disagree.
If I have a contractor come over and trim the trees in my yard, he bills me $900 and I refuse to pay for no good reason he can sue me, put a lien on my property, and so on.
If I walk out of a restaurant without leaving a tip there are no legal ramifications whatsoever.
A tip is a moral obligation, but not a legal one. And frankly it's only been made a moral obligation after prohibition ended and restaurants started encouraging patrons to subsidize their workers wages in a way that has become accepted in America these days.
In many other countries workers are fairly compensated for their work, and patrons are not expected, and in fact are discouraged from leaving tips.
https://www.youtube.com/watch?v=q_vivC7c_1k
Here is the explanation in video form![]()
I disagree.
If I have a contractor come over and trim the trees in my yard, he bills me $900 and I refuse to pay for no good reason he can sue me, put a lien on my property, and so on.
If I walk out of a restaurant without leaving a tip there are no legal ramifications whatsoever.
A tip is a moral obligation, but not a legal one. And frankly it's only been made a moral obligation after prohibition ended and restaurants started encouraging patrons to subsidize their workers wages in a way that has become accepted in America these days.
In many other countries workers are fairly compensated for their work, and patrons are not expected, and in fact are discouraged from leaving tips.
https://www.youtube.com/watch?v=q_vivC7c_1k
Here is the explanation in video form![]()
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.
So currentC is based on the old ACH method of payment. This is troubling as it leaves you the consumer with no form of recourse for errors. If they had gone the way of the paypal where there was a middle man that was funded maybe, but they know people are not going to fund an account just to shop with there phone.
This is all to cut the 2% charge fee out. I get it. They also pay some sort of fee on cash transfers to loomins.
that 2% pays to protect the consumer and make them feel comfortable spending money most of the time money they don't have.
with currentC if you don't have the cash you can not shop. This just never made sense to me most of america is run on credit buying what we can not afford who would setup a whole system where there is no credit and only those with money on hand could buy. This severely limits the customers for this payment method.
I know all of us here pay our CC off monthly but not every on in america does. What super rich person thought this up.
Samsung Pay and Android Pay sound like satire.
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?"
Agreed with the parts in bold, however, part of the "establishment" ranking is that when the entity sneezes, the rest of the industry gets a cold.Yes. Apple has the money but in their respective markets the companies you mentioned are eminently more established than Apple. Market cap isn't everything. Claiming that it is just reveals a lack of understanding. Market cap is fickle and vulnerable to economic and geo political forces far beyond the control of any single entity.
Flat and/or consumption taxes on the bottom 65% is a quick way to incite a revolution where everyone loses.
in some cultures it's an insult to tip.
You totally missed the real beginning of the quote.
"MCX was created to capitalize on a tremendous opportunity for consumers..."
Therein lies the problem. As Tim Cook stated on thePay keynote, these companies are there to capitalize, not fix a systemic problem or further streamline efforts in the retail payment process.
Personally, I don't understand the cheering on of Apple Pay. This is just an effective way of eliminating a cash exchange and guaranteeing traceable and taxable exchanges. ...but it's sure cool using my phone to pay for a hamburger, right?!
Board member friend of mine passed me this. His company gets updates from these clowns. Here's the latest:
"Igniting mobile payments for consumers is challenging, as we’ve seen reported. The real key for driving adoption is delivering a mobile payment network that works for both consumers AND retailers. ApplePay reviews have proven the criticality of this, with 67% reporting a bad first experience.
Who better to provide feedback than users from the over 5 million retail employees in the MCX network, ensuring that consumers will have the support they need?
Here’s an update of our progress:
• Thousands of employee users, performing thousands of transactions across multiple states, through our CurrentC mobile wallet. All transactions include payment + loyalty, driving usage.
• 7 merchants in are now in private launch, with more to join by the end of the year.
• Big-box, Grocery, Drug store, Convenience, Fuel, and QSR verticals are processing transactions, through multiple POS systems.
• The app is proving to be “sticky”. Employees are using CurrentC during their work shifts, but also on their days off for personal shopping. The average order value is larger than expected. Real evidence that saving time and money—more than payments—drives adoption.
• Users are enthusiastic about applying payment, loyalty and offers in single scan.
• The app is being used both on Androids and iPhones without partiality.
As the mobile payments space continues to evolve, we’re happy to share our perspective on the impact to retailers."