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Why CurrentC Will Beat Out Apple Pay
itwbennett writes Working closely with VISA, Apple solved many complex security issues making in-person payments safer than ever. But it's that close relationship with the credit card companies that may be Apple Pay's downfall. A competing solution called CurrentC 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. The merchants designing or backing CurrentC 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.
They will also forgo those profit-robbing security measures.
"To those who are overly cautious, everything is impossible. "
The fine article misses one thing: What the customer wants. After at least three breaches, each with millions and millions of card details lost to hackers, nobody wants their data stored on a server that is handled by a retail company. They don't want to hand over all the information to the retail company. They don't want the stone age interface that the retail companies suggest.
And every customer is pissed of in a major way, because both Apple Pay and Google Wallet actually _worked_ until these idiots shut it off.
Apple has some pretty convincing material out describing how Apple Pay works, that can convince the geeks that it is actually safe. Google probably has the same thing, would be nice if someone could post a link. But these jokers? I wouldn't trust them in a million years.
Don't forget data mining in CurrentC - that is the main reason the stores want it so they can track you and your purchases. CurrentC's policy also includes disclosure of medical items (perhaps only purchases/drugs to start). With Apple Pay's tokens, it won't happen. As you said, the data breach potential is huge for them too.
Who do you trust? The merchants who want to use you as the product or someone who sells you the product.
Agreed, CurrentC seems to offer alot to retailers but virtually nothing to the consumer. Hell, from a consumer standpoint I'd almost rather stick with the status quo.
Right now I have intermediary who gives my a ~15-30 day float on all my purchases for free. My own assets (bank account) is never exposed. I have dispute process that is in place and affords me strong legal protections. Finally on top of everything else I get rewards and rebates.
So why would I essentially want to go to a debit card like system. A credit card is virtually always better for anyone who can get one. With App and Google's solution I get to retain everything that is good about the old CC system and get improved security which probably means few hassles in the end. Currency I am giving up perks and contractual assurances in exchange for better security around the transaction but much more exposure of my own assets and giving up the perks (or having to keep up with each and every chains specific gimmicks). No - Thank -you
Hopefully consumers will reject this.
Repeal the 17th Amendment TODAY! Also Please Read http://www.gnu.org/philosophy/right-to-read.html
So what makes the backers of CurrentC think that Apple and Google will allow a CurrentC app in either of their respective app stores after their methods were blocked?
And every customer is pissed of in a major way, because both Apple Pay and Google Wallet actually _worked_ until these idiots shut it off.
Pissed might be too strong a word but I have a Walgreens right down the street from the CVS and Rite-Aid. Only one supports Apple Pay so guess which one I'm going to use if I want to use Apple Pay? (or Google's alternatives) I'm certainly not going to do business with someone who makes my life less convenient. This CurrentC "solution" is all benefit to the merchant and none to me. I can't see a single redeeming benefit to me. Less convenient, more risk and seemingly limited liability protection? No thanks.
Apple has some pretty convincing material out describing how Apple Pay works, that can convince the geeks that it is actually safe. Google probably has the same thing, would be nice if someone could post a link. But these jokers? I wouldn't trust them in a million years.
Dead on. Retailers have clearly shown they cannot be trusted to keep customer data secure. It's bad enough with a credit card. There is no way in hell I'm giving any major retailer direct (ACH) access to my bank account. They must be doing some heavy drugs if they think I am dumb enough to do that.
I don't want to give you nightmares, but it is horrifying how little security there is on ACH transactions. The whole system relies on the ability to undo transactions to discourage fraud. All anyone needs is the routing and account numbers that are helpfully printed on your checks.
This posting is provided 'AS IS' without warranty of any kind, implied or otherwise.
Yeah here in Canada, 2 week hold minimum on US checks.
CurrentC is dead on arrival. It doesn't allow foreigners to use it, therefor it's useless and will fail.
Foreigners are going to want to use the more secure NFC or Chip+pin, of which American POS systems have no support for chip+pin, leaving only NFC.