Apple Pay stands to gain from MCX’s CurrentC disarray

“Apple Pay stands to gain from disarray at MCX, a consortium backed by major retailers, but Apple still needs to drive usage of its mobile wallet with better loyalty and rewards programs designed with merchants, says Goldman Sachs,” Reinhardt Krause reports for Investor’s Business Daily.

“With Best Buy in late April joining Apple Pay’s growing roster of merchant supporter, the MCX consortium appears to be ‘dealing with potential execution issues ahead of the launch’ of its CurrentC mobile wallet, says the Goldman Sachs report released Monday,” Krause reports. “‘Survey data suggests that only about 15% of iPhone 6 users have tried Apple Pay at least once, with repeat users only about 6% — implying roughly 1.6 million regular users at this stage,’ wrote Goldman Sachs analyst James Schneider. ‘Although the linkage between rewards programs and mobile payments adoption is still anecdotal, we believe the integration of loyalty and rewards programs will be an important driver for consumer adoption, especially for repeat usage.'”

Read more in the full article here.

MacDailyNews Take: Bring on the Apple Pay rewards! As soon as next month at WWDC?


  1. MCX has a long row to hoe with a consumer clumsy, more insecure and complex pay system. Things like Apple Pay Rewards would add another nice long nail in the MCX coffin. This nasty MCX thing should be kicked to the curb as much as possible so it’s so beat up by then it’s DOA on arrival, if it isn’t already.

  2. I addition to loyalty cards, if Apple would connect up with the Scrip fundraising system (, they could also help schools and non-profits every-time some uses ApplePay. I know many people would would like to help their children’s school or their favorite charity… if the process was easy and didn’t cost them anything more than the normal price for goods and services. It would be a win-win for everyone (even the merchants).

  3. The execution issue MCX has with me is their fantasy that they will ever be allowed direct access to my debit card account. I did that once for a recurring bill and had a hell of a time getting the spigot turned off. That type of access will never happen again. MCX is a non-starter.

  4. Who are these alleged people mentioned in the article who try Apple Pay, decide they don’t like it, and never use it again? I can’t imagine ever wanting to pull out my wallet and get out my credit card when I can just aim my phone at the card reader.

    Maybe these are women who keep their phone in their purse, so getting out their phone isn’t any more convenient than getting out their wallet?


    1. I don’t have Apple Pay, so I don’t know for sure. But from what I know, there just isn’t enough merchant penetration yet. When only 1 out 20 places you shop at can accept Apple Pay, it’s hard to get into the habit of using it. Not to mention that it gets old hearing “we don’t take Apple Pay.” It’s just not an overnight process. It took decades to make credit cards as common as they are today.

  5. It’s only been about seven months or so since Apple Pay started so why not wait a year. Google Wallet was started around three years before Apple Pay and not much was accomplished with it. Change takes time especially when it comes to money. Rome wasn’t built in a day, so the same goes for Apple Pay.

  6. I’d use Apple Pay much more if the cards that I use with cash back or other rewards (e.g., PayPal, Discover, Synchrony-issued MasterCards, etc.) were part of it. It’s got a way to go yet, but it’s getting better.

  7. Apple Pay is in no way affected by a would-be competitor who failed to get off the ground. Their value proposition isn’t “hey, we’re better than MCX”, it’s “pay more conveniently, with greater privacy.”


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