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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.
I wont be giving away access to my bank accounts. Sorry, not gonna happen.
And the next time they have a data breach?
That's just full of "Nope!"
Warning: Teh poster of this messaeg is lysdexic
They will also forgo those profit-robbing security measures.
"To those who are overly cautious, everything is impossible. "
Seriously, I kinda want a buffer between my actual money and the companies I do business with. Someone who will take the hit while dispute is handled. This is why I use a credit card. I've toyed with google wallet and I actually like it as a easy tool to send money between friends. What I don't want to see is a world where to make payments I need to give my personal information to a dozen companies with incompatible standards.
The fact that they are blocking competition is enough to insure I won't be using their product.
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.
The retailers can build CurrentC but they can't force customers to use it. The payment process sounds terrible; it'll be easier to just pull out your credit card and pay with that.
If I pay with my Visa card, I get cash back, and an extended warranty on my purchases. So far I haven't heard that CurrentC has any of these benefits.
Why would I use it?
Looking through CurrentC it does everything for Merchants, and nothing for customers.
- Requires to be tied to checking account or debit card
- Customer assumes 100% of liability for fraud (?!)
- Retailer can gather all purchase data on a customer
- Requires multistep actions including scanning QR codes
What benefit is in there for the customer? You know people are going to freak out around the liability part. I know the retailers want to reduce their transaction fee, but unless they throw some level of enticement (such as a discount) you probably won't see adoption of this. Conversely a discount will just nullify the transaction fee. I'm of the belief CurrentC is DOA.
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"And may your days be long upon the earth."
http://www.wired.com/2014/10/s... But seriously, give Walmart et al direct access to my bank account using 40 year old ACH technology? And trust them to have no security holes, fraud protection that credit cards provide on individual transactions, etc. etc. etc. I think not.
There is no reason to stop contactless transactions except greed! those retailers pay very low transactions fees (less than 0.2%). They just don't want NFC to be successful as mobile payments standard. In Europe there are five times more NFC contactless POS systems, especially because of EMV, and increasing rapidly.
Not even my wife has access to my bank account. Nice try, honey.
1. One of the terms of service is exclusivity - if you use CurrentC, you can't use any other kind of mobile wallet system.
2. It is more like a debit card than a credit card - the money comes directly out of your bank account.
3. As such, it has none of the legal protections that a credit card has. With a debit card, pretty much all banks offer the same protection on debit cards anyway, because it's good for their business. CurrentC won't be run by banks, it will be run by some of the largest retailers in the country - Walmart, etc. None of the political pressures that keep banks on the straight and narrow apply.
4. CurrentC requires - cannot possibly work without - that you give the retailer all the information needed to take as much money as they choose directly from your bank account. These are the same retailers who have had hundreds of millions of credit card numbers stolen from their servers in the last couple of years. They have proven, conclusively, that they cannot be trusted.
5. CurrentC is about more than just transaction fees. It is also about turning the customer into a product - they require a lot of personal information that is completely irrelevant to the transaction - like health information (which they are also incapable of protecting) - to set up the account.
6. CurrentC is based on QR Codes, which is just stupid.
I'll go back to carrying cash before I use a mess like that. Or barter. Or growing my own food on a mountain top somewhere.
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.
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This is one case where both Apple and Google could and should work together, to jointly ban the app until the companies involved open NFC back up for transactions again. Without an app CurrentC is dead in the water.
Especially Google should be upset, because Android users had working NFC payments at many of these stores for years before the ApplePay launch triggered the NFC lockout.
Frankly I'd almost be OK with both Apple and Google banning the app on the grounds of it being so close to spyware as you cannot tell the difference... it requires a lot of information and collects as much as it can that it doesn't need permission for.
"There is more worth loving than we have strength to love." - Brian Jay Stanley
Robbing? Really? Merchants don’t have to accept credit card transaction and Apple Pay cost them no more than a regular credit card transaction.
This is the only article of many of which I have read that didn’t think CurrentC was dead on arrival – before arrival actually, as it won’t arrive until next year. It will save the consumer no money per transaction, take more steps, is far less secure and has virtually no liability protections.
Credit Card companies have spent decades creating ways to discover and discourage credit card cheats. This system dispenses with all that – Caveat Emptor I guess.
Merchants expect no blowback when consumers discover this all about dodging credit card fees, avoiding liability and invading privacy to track an individual’s every purchase for marketing purposes?
Letter To Iran
No, it's not for free. Trust me, you are paying for it in the form of increased prices.
Yes of course, but tell me with a straight face that wide CurrentC adoption means lowered prices from the retailer...
Didn't think so.
So why SHOULDN'T you prefer to get the benefits of using a CC if you are going to be paying the same exact amount for something anyway?
"There is more worth loving than we have strength to love." - Brian Jay Stanley
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Thing is, Apple Pay used existing standards for contactless EMV. Which is why every single terminal that accepted Apple Pay already accepted Google Wallet.
retrorocket.o not found, launch anyway?
It is not just security which is an issue but privacy as well. Instead of minimal personal details which are not shared between retailers CurrentC will give them access to far more information about myself and my purchase patterns across multiple retailers. I much prefer a third party system since this at least limits the information each individual retailer has.