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Why CurrentC is not all bad
- Thread starter d.steve
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well, at least i know apple pay will work in canada when we get it.
almost every store here has NFC enabled and all the credit/debit cards have been NFC enabled for a few years. if these stores were to shut off NFC, banks/visa would be quick to set these businesses straight, guaranteed.
Why is taking the iPhone out of your pocket more inconvenient than taking the wallet out of your pocket?
Having read the Techcrunch article & quite a bit else in the last few days, I'm still absolutely baffled as to how the MCX crowd thinks they're going to sell their crappy system to end users. No additional security no matter what they claim, a lousy 2-5% discount (maybe...nothing says they'll pass on any discount at all!), a system that's actually LESS convenient than swiping a card, you miss out on any rewards benefits you normally get from using plastic, and they're compiling things like your health & other personal information.
Seriously? I want what these twits are smoking. I can't find a single benefit to consumers in this steaming pile of bull.
There's no leverage to be gained here...leverage would require widespread participation, and unless they provide a tangible benefit of some kind, there won't be any significant participation at all.
(No iphone 6 here, just an iphone 5, so I'm not a current ApplePay user. But that system makes more sense than the garbage the retailers want us to use.)
Seriously? I want what these twits are smoking. I can't find a single benefit to consumers in this steaming pile of bull.
There's no leverage to be gained here...leverage would require widespread participation, and unless they provide a tangible benefit of some kind, there won't be any significant participation at all.
(No iphone 6 here, just an iphone 5, so I'm not a current ApplePay user. But that system makes more sense than the garbage the retailers want us to use.)
Looks like a similar experience to how one would pay with Bitcoin and QR codes.
Apple recently modified their App Store policy to allow apps that use Bitcoin and I am sure this also affected CurrentC. If Apple bans CurrentC app they may have to adjust their policy and would affect Bitcoin apps.
Although it would be easy for Apple to ban their app it would be better if they took the high road and let the market decide. Trouble is that currentc is sorta playing dirty by having retailers ban NFC so maybe Apple can mess around with them a bit.
Also banning NFC also affects credit cards with NFC WHICH ARE NOT classified as mobile payments. If EMV demands use of NFC on their new system then currentc merchants are at fault and should be punished. Maybe this will backfire. I can't see CurrentC merchants stop accepting credit cards altogether. If they don't use all EMV standards like NFC along with chip and pin then the banks can say they are not in compliance, refuse them new EMV support and keep them on swipe therefore pass the fraud liability back to the merchant. Same like how some merchants type in the credit card instead of swiping and then this may cause them to lose protection from he banks.
Apple recently modified their App Store policy to allow apps that use Bitcoin and I am sure this also affected CurrentC. If Apple bans CurrentC app they may have to adjust their policy and would affect Bitcoin apps.
Although it would be easy for Apple to ban their app it would be better if they took the high road and let the market decide. Trouble is that currentc is sorta playing dirty by having retailers ban NFC so maybe Apple can mess around with them a bit.
Also banning NFC also affects credit cards with NFC WHICH ARE NOT classified as mobile payments. If EMV demands use of NFC on their new system then currentc merchants are at fault and should be punished. Maybe this will backfire. I can't see CurrentC merchants stop accepting credit cards altogether. If they don't use all EMV standards like NFC along with chip and pin then the banks can say they are not in compliance, refuse them new EMV support and keep them on swipe therefore pass the fraud liability back to the merchant. Same like how some merchants type in the credit card instead of swiping and then this may cause them to lose protection from he banks.
Oddly enough it seems like it's mostly small businesses that are adopting NFC. Many of the local stores where I live have terminals that take NFC and Chip&Pin cards. It's the big chains that are resisting.
I worry less about people stealing my card number than I care about fraudulent merchants. The protections that credit cards offer are better than debit and ACH.
http://www.chicagofed.org/digital_a...udies_occasional_papers_series/eps-2001-3.pdf
Well that's good to hear. I personally am for systems that require more security. Plus using my phone would be a lot easier (simply cause I'm more likely to have it already out at the cash register and the way Apple implemented it it's as easy as swiping a card while being a helluva lot more secure). It's ridiculous what we have now, it's pretty much the honor system.
I imagine a lot of the execs at the companies who originally committed to MCX/CurrentC already are having second thoughts.
Back in 2012-2013 it sounded great. We'll create a secure mobile app that will allow us to bypass fees, fold in loyalty reward programs and gain additional customer data.
They likely didn't realize how bad/clunky the app was going to be and how much potential traction Apple Pay could give NFC.
They aren't stupid. They probablyrealize it's a sinking ship. But they still probably hoped it could provide some sort of leverage in reducing credit card fees. At the very least, the should argue the new law moving liability to the merchants, updated EMV standards and things like Apple pay should lower the exposure/costs of credit card companies and their fees should drop accordingly.
Back in 2012-2013 it sounded great. We'll create a secure mobile app that will allow us to bypass fees, fold in loyalty reward programs and gain additional customer data.
They likely didn't realize how bad/clunky the app was going to be and how much potential traction Apple Pay could give NFC.
They aren't stupid. They probablyrealize it's a sinking ship. But they still probably hoped it could provide some sort of leverage in reducing credit card fees. At the very least, the should argue the new law moving liability to the merchants, updated EMV standards and things like Apple pay should lower the exposure/costs of credit card companies and their fees should drop accordingly.
Ugh. I'm happy I still use cash a lot. I thought Apple Pay would be a good idea, but now it seems there are going to be god knows how many competing systems, all of which have good and bad points.
Stores don't care much about customer security - they want the customer info for advertising purposes.
Unless a system has a good method for disputing charges, it won't fly with me.
Stores don't care much about customer security - they want the customer info for advertising purposes.
Unless a system has a good method for disputing charges, it won't fly with me.
taking a big phone out of my pocket (I own a Note 2) is infinitely more inconvenient than my money clip with 3 cards. Sometimes I don't even carry my phone out with me when I'm running quick errands.
Seems a Waste of Money
I'm not sure but since CurrentC uses QR codes, don't they have to replace/modify all of their terminals? That can't be inexpensive. Plus, to lure people into connecting their bank accounts to CurrenctC and use cash instead of credit, won't they have to sweeten the pot with some serious discounts? The CurrentC process as I've read it is that:
(1) You pull out your phone, tell the salesperson you're using CurrenctC and get the app ready while your purchases are rung up
(2) The terminal shows you the associated QR code
(3) You scan the code with the app
(4) You then show the salesperson the approved to pay QR code for scanning
(5) Your QR code is verified and the purchase is approved
Won't they have to spend a lot of time and money on training their salespeople and advertising to the public that even though there are more steps involved than just swiping your card, their way is best? Especially since Apple already has a video out showing how Apple Pay is super easy compared to swiping? Maybe Apple Pay caught them off guard. Because unless they get a certain percentage of customers to use CurrentC, which they've also had to have invested millions into developing, they'll still be paying the same swiping fees to banks, be out of a lot of money, and have even less leverage to reduce fees if/when they decide to support NFC payments.
I'm not sure but since CurrentC uses QR codes, don't they have to replace/modify all of their terminals? That can't be inexpensive. Plus, to lure people into connecting their bank accounts to CurrenctC and use cash instead of credit, won't they have to sweeten the pot with some serious discounts? The CurrentC process as I've read it is that:
(1) You pull out your phone, tell the salesperson you're using CurrenctC and get the app ready while your purchases are rung up
(2) The terminal shows you the associated QR code
(3) You scan the code with the app
(4) You then show the salesperson the approved to pay QR code for scanning
(5) Your QR code is verified and the purchase is approved
Won't they have to spend a lot of time and money on training their salespeople and advertising to the public that even though there are more steps involved than just swiping your card, their way is best? Especially since Apple already has a video out showing how Apple Pay is super easy compared to swiping? Maybe Apple Pay caught them off guard. Because unless they get a certain percentage of customers to use CurrentC, which they've also had to have invested millions into developing, they'll still be paying the same swiping fees to banks, be out of a lot of money, and have even less leverage to reduce fees if/when they decide to support NFC payments.
CurrentC does not support credit cards. CurrentC uses the phone's internet connection to process the transaction. CurrentC is destined to fail miserably.
And guess what? Apple and Google are free to block their little app from even being in the app stores.
Not to mention the fact that the banks are on board with Apple Pay and can just block CurrentC debit transactions on their end.
So in summary, anyone worrying about CurrentC is an idiot.
And guess what? Apple and Google are free to block their little app from even being in the app stores.
Not to mention the fact that the banks are on board with Apple Pay and can just block CurrentC debit transactions on their end.
So in summary, anyone worrying about CurrentC is an idiot.
I agree. Plus the average consumer will not download an app, add all their info such as bank account, SSN into the app, and then go to the store, start that app, and have the clerk scan it to make a purchase. Let's face it, the tech savy are the only ones that will use their phones to make purchases, and the majority know that NFC is much safer than CurrentC. It's the tech savy that will initially lead the way to change before the average consumer catches on. So by the time the average Joe catches on, CurrentC will be a distant memory.
Noticed TARGET was one of the big retailers on MCX, which makes their exclusion from ApplePay (Their Brick and Mortar Stores---not their App, which is ApplePay compatible) understandable now.
Was wondering why Target Stores weren't accepting ApplePay while the App was...
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Customers DO have a vote in the matter. Use the system that fits you and your needs best, and avoid the others. Vote with your wallet. Its the most effective vote you have. Exercise it.
I doubt that most people have the same amount of difficulty getting their phones (big or small) out of their pockets as you do. For most, getting even a big phone out of their pocket would be as easy and probably easier than a money clip, and most would be carrying their cards in a wallet anyway, which most certainly would be more difficult to get out of a pocket than a phone.
No proof but I think you would be in a very tiny minority there. I suspect most people owning smartphones would not leave the house without their phones. Sort of defeats the purpose of having a mobile phone.
from what i've read they go directly into the bank account and the customer takes the responsibility for any fraud that occurs
Speaking as a victim of Identity Theft on multiple occasions which has occurred whenever I've done an ACH type transaction this CurrenC set up wants me to give them open access to my checking account, now to me this smells of a set up to mine our data and open millions of people up to massive amounts of fraud. Not for me. I believe that Visa MasterCard and AMEX should file for an injunction against this based upon the anti trust laws in the US. If you look at the way it's set up this group is very much a conglomerate acting as a monopoly. MXC doesn't like that Apple Pay is working regardless of partnership, so they shut down ALL NFC POS terminals why ? Because there was a security breach ? Nope, sorry try again because it's fully secure and anonymous. No more data mining. And for the folks that either swear Apple gets paid by the merchant, or is charging the customer, sorry but as outlined on the Apple web site and the EMV site the card ISSUERS and the BANKS PAY THE 0000.15% "fee" to Apple not the merchant not the consumer. I will NEVER allow such a insecure payment method access to my personal data I'd rather pay in squirrels
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Soooo...why not just use Apple Pay with a debit card if you care about fighting the fee problem? Nothing in your post shows the need for CurrentC.
This program is data mining, plain and simple. I think a number of these vendors will join Apple Pay in the near future.
I agree with you there, but your also forgetting the fact of this will give the merchant unfettered access to your account and allow data mining unlike anything we've seen
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If I'm out with my kids yep it is as my phone is either in my hand or easier to access than my wallet. And before you say I need less in my "purse" I'm a dad
Anyone who thinks getting a credit card out is easier just isn't thinking. You're already waiting in line at a vendor, so you're probably on your phone. Oh look! Your phone is already out and ready to pay, which, by the way, requires a wave and a tap of touch ID.
