MCX Ends CurrentC Beta Test, Postpones All Further Releases

[Reason077]

I'd say all of your systems will eventually fail, even ApplePay. Mostly because of fragmentation. ApplePay, SamsungPay, HuaweiPay?

That's not how these systems work. There is no fragmentation, because as far as retailers are concerned, they're all the same thing. If a retailer supports contactless payment cards then they automatically support Apple Pay and the others as well.

The only "magic" occurs on the bank's back-end systems to map the device's virtual card number (DAN) to your bank/card account, and once a bank supports Apple Pay then they can easily support all the others as well because they all use the same standards.

Doesn't Sweden already have shops that accept contactless bank cards? Well, they already support Apple Pay, Samsung Pay, etc. It's just the Swedish banks that need to catch up and support them.
[doublepost=1465383328][/doublepost]

I love ApplePay but think it's absolutely insane that Apple didn't acquire the MST tech that Samsung Pay uses. If Apple had the MST tech combined with ApplePay it would've literally become THE form of payment everywhere.

No. MST is ancient, insecure, inconvenient and dead technology. Retailers must upgrade to EMV chip and contactless. In most of the world they already have. No use flogging a dead horse.

 

[okwhatev]

No. MST is ancient, insecure, inconvenient and dead technology. Retailers must upgrade to EMV chip and contactless. In most of the world they already have. No use flogging a dead horse.

No use actually being able to USE a payment service to pay for something? Do you hear yourself? A payment system is worthless if it's not accepted everywhere. Worthless. With MST tech, Apple would've had the compatibility of everywhere any credit card is used. Then the claim of replacing the wallet is valid and theoretically plausible especially when combined with their passport/wallet stuff.

So instead of truly blowing past the competition with totally new ideas and COMPATIBILITY with legacy systems, Apple instead chose the newer and far less implemented NFC system which, in addition to not being nearly as ubiquitous as mag stripe readers, can be intentionally disabled by the retailer if they decide not to accept NFC payments for whatever asinine or political reason. MST overrides all of the politics by just working ANYWAY. Steve Jobs and Woz hacked the bell phone system for christ sakes, they would've LOVED MST tech and I guarantee you 1000% Jobs would've made sure Apple owned this for their payment system. It's really a true shame that this was not done. I hope Apple extends ApplePay to include their own version of MST tech so ApplePay can be used everywhere.

 

[Reason077]

I hope Apple extends ApplePay to include their own version of MST tech so ApplePay can be used everywhere.

MST is going away. Today, the US still has many retailers that support MST only, but that won't be the case at all in a few years thanks to the liability shift.

It wouldn't make any sense for Apple to put effort into supporting this dying, legacy technology - especially considering the security implications. It would be like putting a DVD drive in a MacBook Air!

 

[cjbryce]

Samsung Pay's MST tech absolutely kills ApplePay in real-world usability.

This may be the case in some geographical regions, but in Europe NFC contactless is commonplace and retailers/banks are moving away from magnetic strip readers as fast as possible.

 

[E.Lizardo]

MST is going away. Today, the US still has many retailers that support MST only, but that won't be the case at all in a few years thanks to the liability shift.

It wouldn't make any sense for Apple to put effort into supporting this dying, legacy technology - especially considering the security implications. It would be like putting a DVD drive in a MacBook Air!

Or a floppy drive in the original iMac. "No floppy! That's asinine! Steve Jobs would never...um...nevermind"

 

[maflynn]

Can't say that I'm surprised over hearing that this was killed, its really an awkward process to buy something, and its seems once Walmart decided to go on its own, that was it for this consortium. Even so, it seems Walmart's process is no better and destined to fail. If you the purchase process is more convoluted then pulling out cash or your credit card, its going to fail.

 

[JeffyTheQuik]

Why is it, when I think of CurrentC, I think the designers had this in mind, but failed?

[doublepost=1465387018][/doublepost]

I can't believe this far along and we're still fighting over payment systems. Even places that DO accept Apple Pay are a pain in the ass half the time. A couple weeks ago at a Dunkin Donuts I used my watch to pay for my purchase and the register spit out a receipt indicating it was paid for. The cashier refused to give me the receipt and immediately called a supervisor to the register who told me I had to use a different payment method because they don't accept Apple Pay "because it doesn't work." I showed them on my watch they the transaction went through and pointed out that the receipt said it was paid. The supervisor continued to try to tell me I hadn't paid for anything and she got on the phone to call the stores owner. I opened the Chase app on my phone and showed her when she got off the phone that the transaction was already pending on my credit card. She still insisted that they didn't get paid but gave me my coffee anyway and informed me that they don't accept Apple Pay and told me to have a nice day. I threw it in the trash and told her I'll get one somewhere else with the line of people behind me watching.

Man, I'm sorry you had that experience. Everywhere I go and use it, the clerks and people in line think it's the coolest thing. Just double-click the watch button, ding, ding, and it's done!

The one thing I don't like is having to enter my PIN or having to sign afterward, but that's a small price to pay for the convenience.

 

[rdlink]

Not necessarily. I mean, most people visit the same grocery store, gas station, etc. on a day to day basis, so it's not like people will need that many apps. Not to mention that a separate app makes it easier to offer rewards and stuff like mobile ordering/checkout, which saves far more time due to not having to wait in line in the first place.

Honestly, Apple Pay doesn't really add much other than a few seconds' worth of time savings. And that might even be questionable in a year or two as chip becomes faster.

For me, Apple Pay has something other than just a "few seconds' worth of time savings." It has security, and the anonymity of the merchant NOT being able to give me offers and "rewards." When Apple Pay was introduced I was truly hoping for the end of "member savings" programs. I don't want to have to put in my phone number to get the prices my grocery store should be giving me anyway.

Apple Pay could be so much more than it is. If merchants would implement it correctly I wouldn't have to ever sign another receipt or pin pad, and Apple could put a system in place that emails me a receipt for a transaction, so that I could avoid having to ever keep up with paper again.

 

[jinnj]

I might have gone along with this convoluted system if the stores shared some of the savings with me. If they gave me at least 1 percent on each scan maybe worth my effort. But, it was all about them, it appears.

So you were ok with ACH access to your back account by a company that was directly involved in the insecurities of the Target and HomeDepot data breaches.

 

[satinsilverem2]

Hopefully this means that I can use Apple Pay at CVS and Lowe's now.

 

[jinnj]

Why is it, when I think of CurrentC, I think the designers had this in mind, but failed?

[doublepost=1465387018][/doublepost]
Man, I'm sorry you had that experience. Everywhere I go and use it, the clerks and people in line think it's the coolest thing. Just double-click the watch button, ding, ding, and it's done!

The one thing I don't like is having to enter my PIN or having to sign afterward, but that's a small price to pay for the convenience.

Not all locations require the signature or pin. At Walgreens, the longest part is waiting for the receipt and the 50 coupons to print out.

 

[Ed217]

This mess was DOA from day zero. Now maybe the supporters will consider the available options that actually work.

 

[heathen3017]

A lesson to be learned apparently by the highly educated MBA's running the companies, as they haven't learned it yet: Those that don't study history are doomed to repeat it. Those behind MCX didn't learn from the DivX fiasco. The lesson is when a consortium of companies collaborate on a venture to try to solve a problem that benefits them as opposed to the customer (or try to solve a problem that truly doesn't exist), then the venture will ultimately fail. Take head future CEO's of this lesson. It will save you in the long run.

 

[NormChuck]

Really sucks for the one guy that used it.

REally sucks for the people that bought into it and loaded their gift cards to it. Now they have to use their gift cards by the end of June or lose it. Bummer!

 

[morcutt11]

I'd say all of your systems will eventually fail, even ApplePay. Mostly because of fragmentation. ApplePay, SamsungPay, HuaweiPay?
In Sweden, the biggest banks formed a consortium and developed a system that works in stores and between people. Your "card number" is your mobile phone number and you pay to other phone numbers (or fake ones in case of stores).
There's no NFC capability yet, but I foresee that in the near future. Then ApplePay or others will have no traction at all.
Loyalty cards? No need, just show your drivers license or other ID, works everywhere and is always with you.

Not relevant. There is no mandate for a single system, so I don't see why ApplePay, GooglePay, etc. can't coexist when they're using the same interfaces at the merchant and the same card processing networks on the backend. Fragmentation is only relevant when it presents a significant hinderance.
[doublepost=1465393241][/doublepost]

We only need one payment system... maybe two. Otherwise we would just keep using credit cards the way we have always been using them.

Why does it matter when multiple payment services are using the same interfaces for the merchants and the same card processing networks? You could have 20 different payment systems and it wouldn't matter. As for just using credit cards, this has now become a tedious process (at least in the US). Some stores use the chips, others don't - so you have to ask or swipe and then be told "no, we use the chip here" (or vice-versa). Then you have a bunch of questions to ask with various merchants (emailed receipt yes/no, cash back yes/no, confirm amount yes/no, etc.). The point of electronic interactions was to make it quicker and simpler. When I double tap my watch button, hold it up to the reader, and it says "Authorized. Thank You", it doesn't get much simpler.

 

[satchmo]

Last month, MCX CEO Brian Mooney announced plans to postpone the rollout of the CurrentC payments platform following feedback from the beta test. At the same time, he said MCX would downscale and lay off 30 employees as part of an effort to transition from a consumer-facing product to building business partnerships with financial institutions.

The unfortunate part is that 30 employees are out of a job but not CEO Brian Mooney.

 

[farleysmaster]

I'm in the UK and "Apple Pay" means you can pay with a suitable Apple device.
Contactless credit and debit cards are from all the big banks and are unpopular with some because of their vulerability to thieves with portable devices that can take cash off the card by close proximity so long as it's under £30.
I no longer carry contactless cards as you are especially at risk in crowded places like the underground in London, ques or crowds.

Via VISA (https://www.visa.co.uk/products/visa-contactless/faqs)

Can a fraudster with a bogus contactless terminal steal money from my card by brushing up against me?
Today’s fraudsters are on the hunt for full card details. The only information that could possibly be read from a contactless card is the card number, the expiry date and in some instances, the cardholder name – the same information that’s available on the front of your card.

On its own this information is simply not useful for today’s fraudsters – who also need to get their hands on the really sensitive information, such as the CVV code (the three digit security code on the back of your card), PIN numbers, Verified by Visa passcodes, card security codes, billing addresses and other hidden security data. None of these essential details can be read from a contactless card.

To steal money from you in a contactless transaction, they'd have to be registered as a merchant, which I think would be quite difficult. Also, these transactions are protected against fraud in the normal way. Annoying (but rare) if you lose money, but it will be only temporary.
[doublepost=1465393625][/doublepost]

I can't believe this far along and we're still fighting over payment systems. Even places that DO accept Apple Pay are a pain in the ass half the time. A couple weeks ago at a Dunkin Donuts I used my watch to pay for my purchase and the register spit out a receipt indicating it was paid for. The cashier refused to give me the receipt and immediately called a supervisor to the register who told me I had to use a different payment method because they don't accept Apple Pay "because it doesn't work." I showed them on my watch they the transaction went through and pointed out that the receipt said it was paid. The supervisor continued to try to tell me I hadn't paid for anything and she got on the phone to call the stores owner. I opened the Chase app on my phone and showed her when she got off the phone that the transaction was already pending on my credit card. She still insisted that they didn't get paid but gave me my coffee anyway and informed me that they don't accept Apple Pay and told me to have a nice day. I threw it in the trash and told her I'll get one somewhere else with the line of people behind me watching.

So you did pay, but you threw what you paid for in the garbage?

 

[co.ag.2005]

Google Wallet worked great for years at CVS before they decided to abandon contactless payments all together along with the rest of the idiot retailers in the MCX in some misguided move to fight Apple and piss off their customers.
The fingerprint reader for Apple Pay (and Android Pay on the Nexus phones) is really key to making its use so easy today; no punch code or anything to type really makes it even easier than using the chip and pin cards now. The only down side is when the contactless machine or internet is down.

agreed. I won't step into a CVS now because of this madness. I will go to Walgreens instead.

 

[forgotmyhandle]

beating a dead horse?

 

[Amazing Iceman]

Agreed.

One really, perhaps two to make sure either side does not get too carried away with any future crazy ideas.

Now.. Who is going to Tell Barclays Bank in the UK who are STILL pursuing/developing their own independent system?

They will figure it out on their own sooner or later.

 

[avanpelt]

So people can spend money remaining in their accounts. i.e. Gift cards they loaded to the account. <- As per the article.

I read the MR article. It didn't cite that as the reason why they're waiting until June 28 to shut it down.

 

[npmacuser5]

So you were ok with ACH access to your back account by a company that was directly involved in the insecurities of the Target and HomeDepot data breaches.

Obviously I would have some doubts. If everytime some store, credit card, or bank gets hacked, I stopped doing business with them, I would soon run out of places to do business. Good point that we need to be aware of.

 

[KdParker]

Didn't this die about 2 years ago?

 

[chiefsilverback]

You are mad at the wrong people. If Apple pay was better, you would be able to say "I want to pay by credit card" and then just tap your iPhone on the reader.

It is Apple that wants to make their own unique brand name (Apple pay) for everything.

I don't say anything! Once the cashier has scanned my items I either offer up my phone, which I don't even have to 'wake' because it does it automatically when it gets near the NFC reader, or I double click the home button on my watch, hold it to the reader and hey presto, it's done. The only frustration is that I still have to sign, or in the rare occasion where I put the transaction through on my debit card, enter my PIN, even though I've had to authorise the payment with my finger print.

Stores I use Apple Pay in with any regularity are WholeFoods, Trader Joes, Staples and Panera Bread.

 

[JeffyTheQuik]

Not all locations require the signature or pin. At Walgreens, the longest part is waiting for the receipt and the 50 coupons to print out.

Good point. I meant it to be that I don't like it when that happens.