Actually that is not true. We take debit cards (i.e. visa/mc logo) and we do not have a pin pad, so they are run run through like a CC. Not sure if these would be more than a pin pad type debit transaction but the cost is like .05% and a $.22 Interchange fee. CC fee's are more like 2.65%.
Got a tip for us?
Let us know
Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
MCX Executive: Social Security Number Won't Be Required, Most Customers Don't Use Major Credit Cards
- Thread starter MacRumors
- Start date
- Sort by reaction score
Actually that is not true. We take debit cards (i.e. visa/mc logo) and we do not have a pin pad, so they are run run through like a CC. Not sure if these would be more than a pin pad type debit transaction but the cost is like .05% and a $.22 Interchange fee. CC fee's are more like 2.65%.
OK, Apple pay doesn't help. But even without apple pay there's absolutely no way this thing would be a success. No credit cards, requiring direct withdrawal from a bank account and personal info, clunky implementation. Apple pay may help kill it off but it would have fizzled out quickly even without any competition, it's worse than the other options for making payments.
Of course customers are part of it. If you look at the Paydiant bPay trial from last year, there will be methods for the merchants to build-in incentives, coupons, offers and such to the CurrentC process, which would be applied at checkout. That's one of the things that attracted retailers to the MCX in the first place.
I work at Best Buy one day a week (love that discount).
Credit Cards account for way more than cash or debit.... probably around 5% cash, 25% debit, 70% credit cards. (Credit cards require manual entry of last 4 digits)
Total BS.
If you do it on dollar amount spent, not pure transaction volume, its probably more like 90% credit cards.
I don't know about Wal Mart in the ghetto where people don't have credit... but for the rest of us, people use their credit cards.
QR Codes
Dunkin Donuts has a QR code app which I have used for over a year to pay for purchases. Optical scanning of the QR code is rather unreliable. The clerk usual has to make more than one attempt to scan the code. Apple Pay is far more convenient.
Dunkin Donuts has a QR code app which I have used for over a year to pay for purchases. Optical scanning of the QR code is rather unreliable. The clerk usual has to make more than one attempt to scan the code. Apple Pay is far more convenient.
I won't use it.
Just on principle.
So far, it's a clunky, engineer-designed bit of greed-based copycattery....
And, the explanation that it's 'just like scanning a QR code for a boarding pass' is NOT an enticement. I just flew a few days ago and had to use those Self Check In kiosks, and it was NOT a lovely, Apple-like experience.
At some point, these 'business people' need to understand the difference between products that are conceived and executed by Engineers, and those executed by People-Oriented Designers. Apple gets it right. Typically. Post-Jobs, i have less certainty in Apple, but they remain leagues above the chattle.
Just on principle.
So far, it's a clunky, engineer-designed bit of greed-based copycattery....
And, the explanation that it's 'just like scanning a QR code for a boarding pass' is NOT an enticement. I just flew a few days ago and had to use those Self Check In kiosks, and it was NOT a lovely, Apple-like experience.
At some point, these 'business people' need to understand the difference between products that are conceived and executed by Engineers, and those executed by People-Oriented Designers. Apple gets it right. Typically. Post-Jobs, i have less certainty in Apple, but they remain leagues above the chattle.
I can see why since MCX was a 'privacy collector".
However, its normal to hand over your SS or Drivers license,, how else can they identify you ?
This is one thing MCX just should have thougt about before even going this way...
If they want to expore it in the future, don't u think its "better" to just do it right in the first place? and stop tossing everyone round?
Kids
However, its normal to hand over your SS or Drivers license,, how else can they identify you ?
This is one thing MCX just should have thougt about before even going this way...
If they want to expore it in the future, don't u think its "better" to just do it right in the first place? and stop tossing everyone round?
Kids USA Today Review
From the USA Today site:
LOS ANGELES It's as if the Three Stooges had been given the assignment of introducing a new and safer way for consumers to pay at some of the biggest retail stores.
CurrentC is the new smartphone payment system ...
From the USA Today site:
LOS ANGELES It's as if the Three Stooges had been given the assignment of introducing a new and safer way for consumers to pay at some of the biggest retail stores.
CurrentC is the new smartphone payment system ...
No - that's not the only way.
Customers can also use store cards. And if MCX is a single app but you can set it up with various methods of payments, then it's a catch all for all non-credit card transactions (and I am going to assume you will also be able to register a cc in the app).
So it's not just ACH. MCX is hoping that there is incentive for mobile payments + using corporate charge cards - both with incentives for the customer/data acquisition for the store.
Based on the volume that these stores do - even convincing 10% of the people to switch to a different payment option could have profound affect on their bottom line.
Just slightly off topic. I have been using Apple Pay now since it came out and I love how easy and secure it is.
But why does the merchant still require me to sign? This now seems silly. After all, wasn't my fingerprint enough to prove it was me? What does the signature do. I think this needs to be removed to make this simple process complete. Otherwise this is just awesome.
Back on topic, CurentC... hahahahahahaha.... NO.
But why does the merchant still require me to sign? This now seems silly. After all, wasn't my fingerprint enough to prove it was me? What does the signature do. I think this needs to be removed to make this simple process complete. Otherwise this is just awesome.
Back on topic, CurentC... hahahahahahaha.... NO.
The original statement is vague, he says 75% of purchases. With places like drugstores included, assuming his number is based on counting by number of purchases and ignoring cost of purchases, it would make sense that there are lots of purchases where people buy something like a pack of gum and use cash (particularly if some stores have a $10 minimum for credit card purchases). Counting transactions by dollar value would tell a totally different story.
MR headline is misleading too, the actual quote is 75% of transactions but MR says 75% of customers which is a totally different thing.
So...what's the problem? If MCX and 
Pay address barely-overlapping transaction models (basically non-CC vs CC), why was the MCX group in such a panic to shut down NFC to the detriment of their customers?
...and if MCX addresses the cash/debit/gift card transactions, what's to automate? Cash obviously doesn't fit MCX, gift cards are rarely valued enough to bother, debit sorta fits.
Better if MCX focuses on "I don't usePay" customers and cultivate symbiosis rather than ticking off enough so many iPhone-using customers that the profit losses exceed benefits of MCX.
BTW: I wonder if Aldi will acceptPay.
Pay address barely-overlapping transaction models (basically non-CC vs CC), why was the MCX group in such a panic to shut down NFC to the detriment of their customers? ...and if MCX addresses the cash/debit/gift card transactions, what's to automate? Cash obviously doesn't fit MCX, gift cards are rarely valued enough to bother, debit sorta fits.
Better if MCX focuses on "I don't use
Pay" customers and cultivate symbiosis rather than ticking off enough so many iPhone-using customers that the profit losses exceed benefits of MCX. BTW: I wonder if Aldi will accept
Pay.I think that the reason they are saying that so many customers use cash at those stores (Target, Lowes, Home Home Depot, etc) is because most of those stores have had major hacks and customers don't trust them with anything but cash now. It is not likely they will trust them with something that gives direct access to a bank account.
While I agree plastic isn't going anywhere soon, the loyalty card issue is a red herring.
Your plastic doesn't link to loyalty cards unless it is a merchant credit card.
Walgreens example with location services turned on is two quick steps.
1. Have cashier scan loyalty card which is now visible in Passbook.
2. Use Apple Pay
Simple.
Be fair; last I checked, about 0.08% of the reviews were from people who genuinely had something nice to say about the app.
Granted, only I believe four had actually used it, of whom one gave it five stars, a couple 3 and one 2, because it just didn't work very well.
Last edited:
After reading that, it's not hard to assume that the author is likely an ardent iPhone user and MacRumors member.
It's not too hard to get a cheap smartphone, and to pay for it and the data plan with cash (via pre-paid). You don't need good credit or an income over a certain amount to do it.