“By all accounts, Apple has created the smoothest, most technically advanced payment solution yet,” Matthew Mombrea writes for ITWorld. “Working closely with VISA, Apple has solved many complex security issues making in person payments safer than ever while simultaneously making mobile payments easier than ever. No small feat. ”
“Lurking in the shadows however is a competing solution called CurrentC which has recently gained a lot of press as backers of the project moved to block NFC payments (Apple Pay, Google Wallet, etc.) at their retail terminals,” Mombrea writes. “The strength of the merchants designing or backing CurrentC is enormous. It reads like a greatest hits list of retail outfits and leading the way is the biggest of them all, Walmart. The retailers have joined together to create a platform that is independent of the credit card companies and their profit-robbing transaction fees. Hooking directly to your bank account rather than a credit or debit card, CurrentC will use good old ACH to transfer money from your account to the merchant’s bank account at little to no cost (fees can vary but are generally flat-rate pennies rather than a percentage of the transaction).”
“This is huge for the merchants who are losing a significant amount of money on every credit card transaction,” Mombrea writes. “Their system [CurrentC] is largely driven by QR codes which makes it prehistoric in comparison (people scanning QR codes) but has the benefit of working on the broadest range of devices… Normally I’d say that the product with the most user appeal will win but the power and size behind the CurrentC group is too big to ignore… If you frequent a store that is pushing CurrentC, you’re not likely to hold out for long, especially if that store is your normal grocery store where shopper club discounts are significant (current supporters include Giant Eagle, Publix, Shop Rite, Acme, Meijer, Price Rite, and Sams Club).”
Read more in the full article here.
[Thanks to MacDailyNews Reader “Lee” for the heads up.]
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