MCX CEO compares CurrentC rollout to original iPhone, reiterates exclusivity to end in 'months'

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Comments

  • Reply 21 of 114
    sflagelsflagel Posts: 685member
    For a sec you had me, I actually thought you were serious. Pllease forgive my ingnorance for not getting the sarcasm right away.
    There is no sarcasm. If you pay with a Visa/MC you pay 3% and with Amex 7% transaction fees. Debits from your bank acts are 1% to 0%. MCX uses bank debits. So cheaper.
  • Reply 22 of 114
    idreyidrey Posts: 647member
    sflagel wrote: »
    Guys! MCX will allow you to pay LESS at the cash register because the 3% - 7% credit card fees fall way. Be happy! Support it. And no, scanning a bar chart is not less convenient than scanning an NFC chip.

    So your choice: pay $100 using MCX or $107 using Apple Pay. Your choice. But don't hate.
    macotor wrote: »

    You really believe that these greedy merchants will pass on their savings to you?
    And good luck getting your money back when your account get drain of your money!
  • Reply 23 of 114
    solipsismysolipsismy Posts: 5,099member
    Is there anyone that doesn't yet realize the ?Pay model will be the model everyone mirrors for their mobile payments solution?

    sflagel wrote: »
    There is no sarcasm. If you pay with a Visa/MC you pay 3% and with Amex 7% transaction fees. Debits from your bank acts are 1% to 0%. MCX uses bank debits. So cheaper.

    No, I don't pay anything. This isn't PayPal extracting their pound of flesh from an eBay transaction (which also extracted their pound of flesh from the sale). Unless CurrentC is going to directly give me 7% off every purchase at every place that accepts their app I'm not going to even consider whether using their insecure, datelining service is worth the risk.
  • Reply 24 of 114
    sflagelsflagel Posts: 685member
    Which merchant bank charges 7%?  And to what kind of business?
    Amex charges up to 7%. Ask any restaurant.
  • Reply 25 of 114
    solipsismy wrote: »
    The original iPhone? Wow! Just, wow!

    Sure I reluctantly switched to AT&T to get the iPhone in 2007, but that's because the iPhone was awesome enough to make it worth the switch.

    CurrentC is no original iPhone.
  • Reply 26 of 114
    sflagelsflagel Posts: 685member
    idrey wrote: »
    Your bank will always give you your money back. You and any bank have 30 days to ask for money back. In ANY bank transaction. It's standard bank procedure. Will the retailers pass the savings in to you? I don't know, do you believe in capitalism? If you do, then you must believe that they will.

    You really believe that these greedy merchants will pass on their savings to you?
    And good luck getting your money back when your account get drain of your money!
  • Reply 27 of 114
    sflagelsflagel Posts: 685member
    idrey wrote: »

    You really believe that these greedy merchants will pass on their savings to you?
    And good luck getting your money back when your account get drain of your money!
    Your bank will always give you your money back. You and any bank have 30 days to ask for money back. In ANY bank transaction. It's standard bank procedure. Will the retailers pass the savings on to you? I don't know, do you believe in capitalism; do you believe in the forces of the free market? If you do, then you must believe that they will.
  • Reply 28 of 114
    idreyidrey Posts: 647member
    sflagel wrote: »

    I do believe that they will grab as much money as they can, and as far as i know direct withdrawal is not as guaranty as a cc transaction, plus there is no mediator between you and the merchant to help you proof you have been faulted. But hey good luck
  • Reply 29 of 114
    sflagelsflagel Posts: 685member
    solipsismy wrote: »
    Is there anyone that doesn't yet realize the ?Pay model will be the model everyone mirrors for their mobile payments solution?
    No, I don't pay anything. This isn't PayPal extracting their pound of flesh from an eBay transaction (which also extracted their pound of flesh from the sale). Unless CurrentC is going to directly give me 7% off every purchase at every place that accepts their app I'm not going to even consider whether using their insecure, datelining service is worth the risk.

    The merchant pays 3% - 7% to the credit card company. And yes, if you ask for a discount for paying with cash or debit card, many will give you a discount. Especially independent retailers.
  • Reply 30 of 114

    Since they still will still be accepting Credit cards the transaction fees cost is already added to the product retail prices and every one shares  regardless if you pay my MCX or Cash or Credit.   Giving some % discount to MCX customers only may not cost them very much.  

  • Reply 31 of 114
    sflagelsflagel Posts: 685member
    idrey wrote: »
    I do believe that they will grab as much money as they can, and as far as i know direct withdrawal is not as guaranty as a cc transaction, plus there is no mediator between you and the merchant to help you proof you have been faulted. But hey good luck

    A direct debit is more "guaranteed" than any credit card transaction. You can reverse ANY bank transaction within 30 days, no questions asked. No proof needed.
  • Reply 32 of 114
    solipsismysolipsismy Posts: 5,099member
    sflagel wrote: »
    A direct debit is more "guaranteed" than any credit card transaction. You can reverse ANY bank transaction within 30 days, no questions asked. No proof needed.

    So if I sign up for CurrentC, give them my bank account and routing numbers. Then someone steals my phone and uses the app to make purchases. Who reimburses for the fraudulent charges? I'm not aware of any such thing with my bank when giving a 3rd-party carte blanche access to my checking account. And how is this information stored on the device and on their servers? Does the device need to have Internet access to work?
  • Reply 33 of 114
    sflagelsflagel Posts: 685member
    solipsismy wrote: »
    So if I sign up for CurrentC, give them my bank account and routing numbers. Then someone steals my phone and uses the app to make purchases. Who reimburses for the fraudulent charges? I'm not aware of any such thing with my bank when giving a 3rd-party carte blanche access to my checking account.
    Ask your bank. You'll be surprised. Bank wires are reversible, no questions asked.
    Also, assuming you password-protect your phone (like ApplePay requires you to) how would anyone be able to use your phone to buy stuff using CurrentC?
  • Reply 34 of 114
    idreyidrey Posts: 647member
    sflagel wrote: »
    Ask your bank. You'll be surprised. Bank wires are reversible, no questions asked.
    Also, assuming you password-protect your phone (like ApplePay requires you to) how would anyone be able to use your phone to buy stuff using CurrentC?

    Yes they can be, but there is always the chance that they can deny it and not give your money back or make you go through a process for them to give you back your money! Any how if hacker get your info they can also steal your identity since they can get access to all your info and that is not so easy to fix or cheap! So do forgive me for not feeling adventurous on (maybe) saving a few dollar.
  • Reply 35 of 114
    sflagelsflagel Posts: 685member
    idrey wrote: »
    Yes they can be, but there is always the chance that they can deny it and not give your money back or make you go through a process for them to give you back your money! Any how if hacker get your info they can also steal your identity since they can get access to all your info and that is not so easy to fix or cheap! So do forgive me for not feeling adventurous on (maybe) saving a few dollar.
    No bank has ever been hacked (except JPM). No bank CAN deny you a reversal of a debit (!); much easier than getting a CC company to reverse a charge. Identity theft through CC more likely than through bank - banks don't actually store "all your info". Bank details are less risky that credit card details.
  • Reply 36 of 114
    hexclockhexclock Posts: 1,084member
    sflagel wrote: »
    No bank has ever been hacked (except JPM). No bank CAN deny you a reversal of a debit (!); much easier than getting a CC company to reverse a charge. Identity theft through CC more likely than through bank - banks don't actually store "all your info". Bank details are less risky that credit card details.
    You still didn't answer the question of whether the device needs an Internet connection or not. If it does, it's fatally flawed.
  • Reply 37 of 114
    idreyidrey Posts: 647member
    sflagel wrote: »
    No bank has ever been hacked (except JPM). No bank CAN deny you a reversal of a debit (!); much easier than getting a CC company to reverse a charge. Identity theft through CC more likely than through bank - banks don't actually store "all your info". Bank details are less risky that credit card details.
    I was referring to the way currentc works. They store all your data in their "secure cloud" not the banks
  • Reply 38 of 114
    solipsismysolipsismy Posts: 5,099member
    hexclock wrote: »
    You still didn't answer the question of whether the device needs an Internet connection or not. If it does, it's fatally flawed.

    And then there is the issue of not everyone having an iPhone with Touch ID or that CurrentC doesn't appear when place it up to an NFC scanner. Having to wake your device, then access your device, then locate the app, then open the app, just to use the service is too much crap right there, even if my magically said that giving over my checking account information had the same protection, allowed me to use a device-specific checking account number so I didn't have to use my actual one, made me believe they track no sales data (which they admitted to), or didn't require a password, I still wouldn't use that service.

    Basically what we have is the original iPhone with ?Pay's model and CurrentC and their supporters trying to do what Blackberry née Research in Motion and their supporters did by trying to say how the Blackberry was better. It didn't work out for Blackberry and it won't with CurrentC.
  • Reply 39 of 114
    sflagel wrote: »
    Guys! MCX will allow you to pay LESS at the cash register because the 3% - 7% credit card fees fall way. Be happy! Support it. And no, scanning a bar chart is not less convenient than scanning an NFC chip.

    So your choice: pay $100 using MCX or $107 using Apple Pay. Your choice. But don't hate.
    I don't think anyone likes the credit card fees, the problem came from MCX forcing all new iPhone owners to not use their new product, even though they don't have their is ready yet.

    His comparison is so wrong it's silly. So: Apple offers a product to customers, check. He forces stores to ban competing products, check.. Now I know he doesn't know what he's doing.
  • Reply 40 of 114
    solipsismysolipsismy Posts: 5,099member
    sflagel wrote: »
    No bank has ever been hacked (except JPM). No bank CAN deny you a reversal of a debit (!); much easier than getting a CC company to reverse a charge. Identity theft through CC more likely than through bank - banks don't actually store "all your info". Bank details are less risky that credit card details.

    But clouds are hacked, and that's where they store your personal data. I don't trust MCX because we're not the product, not the customer.
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