“Most critics of CurrentC (and there are plenty) are slamming it because of its technology, security or ease of use,” Ken Segall writes for Observatory. “However, what I find most disturbing is the obvious motivation for CurrentC — and the obvious end result if the consortium should realize their dreams.”
“The bottom line is that people can tell whether a company is acting in the customers’ interest or its own self-interest,” Segall writes. “Which isn’t good news for CurrentC.”
“There is precious little about CurrentC that makes life easier for customers. It’s designed to benefit the retailers. It requires more effort than Apple Pay, it latches directly onto our bank accounts, it requires us to surrender our social security numbers and it bypasses the fraud protection that comes with credit cards,” Segall writes. “In this world, one earns a profit by providing a valuable service. Apple Pay makes in-store purchases totally simple, and it doesn’t cost customers a dime. It’s the credit card companies who will foot the bill, because Apple Pay makes it easier for customers to use their cards. So everyone wins.”
Read more in the full article here.
MacDailyNews Take: Unlike CurrentC, Apple doesn’t save your transaction information. With Apple Pay, your payments are private. Apple Pay doesn’t store the details of your transactions so they can’t be tied back to you. That is what Walmart, CVS, Rite-Aid et al. hate about Apple Pay and why they currently won’t allow their customers to utilize Apple Pay.
Boycott non-cash payment systems from any company that willfully turns off NFC in an effort to block the vastly more secure, much more private, and far easier-to-use Apple Pay service.
Apple Pay vastly superior and much better positioned than MCX’s CurrentC – November 1, 2014
CurrentC, MCX retailers’ answer to Apple Pay, faces doom – October 31, 2014
Meijer first to break MCX ranks, keeps Apple Pay support at its 213 stores – October 30, 2014
Feeling the heat, MCX CurrentC consortium suggests possible future switch to NFC – October 30, 2014
Analyst: CurrentC retailers likely to blink and support Apple Pay – October 29, 2014
Why CurrentC will beat out Apple Pay in the end – October 29, 2014
How to punish Walmart, CVS, Rite Aid, and others who block Apple Pay – October 29, 2014