Apple Pay to face mobile payments competitor CurrentC in mid-2015
Apple's iPhone-based Apple Pay service will soon see its first major competition in the mobile payments space as MCX consortium-backed solution CurrentC prepares to go public.
According to a report from MacWorld on Monday, CurrentC will exit limited trials and officially launch in one U.S. market over the next few months.
In a statement released today, CurrentC said initial availability "will be determined based on a number of factors, including retail support, infrastructure and consumer population."
Unlike Apple Pay, which completes credit and debit card-based transactions via touchless NFC technology, CurrentC relies on what some consider to be a less secure means of payment processing. With CurrentC, a customer uses their smartphone to take a picture of a one-time QR code generated at an MCX point-of-sale terminal. The payment amount is directly deducted from a user's bank account, which is linked with CurrentC on the backend.
Merchant Customer Exchange (MCX) CEO Dekkers Davidson previously noted POS terminals offering support for CurrentC are also compatible with NFC systems, meaning Apple Pay can technically be used on hardware at partner merchant locations. However, retailers in the consortium inked exclusivity agreements that preclude them from using alternative forms of electronic payment, something Davidson said was necessary for a successful rollout.
Backed by MCX, CurrentC entered the public eye after partner merchants CVS and Rite Aid pulled support for Apple Pay shortly after its debut in October. Other notable MCX retailers to deny Apple Pay transactions include Best Buy and Wal-Mart.
In November, however, Davidson said CurrentC's exclusivity timeline would be "measured in months, not years," meaning Apple Pay could show up at MCX merchants sooner than previously thought.
According to a report from MacWorld on Monday, CurrentC will exit limited trials and officially launch in one U.S. market over the next few months.
In a statement released today, CurrentC said initial availability "will be determined based on a number of factors, including retail support, infrastructure and consumer population."
Unlike Apple Pay, which completes credit and debit card-based transactions via touchless NFC technology, CurrentC relies on what some consider to be a less secure means of payment processing. With CurrentC, a customer uses their smartphone to take a picture of a one-time QR code generated at an MCX point-of-sale terminal. The payment amount is directly deducted from a user's bank account, which is linked with CurrentC on the backend.
Merchant Customer Exchange (MCX) CEO Dekkers Davidson previously noted POS terminals offering support for CurrentC are also compatible with NFC systems, meaning Apple Pay can technically be used on hardware at partner merchant locations. However, retailers in the consortium inked exclusivity agreements that preclude them from using alternative forms of electronic payment, something Davidson said was necessary for a successful rollout.
Backed by MCX, CurrentC entered the public eye after partner merchants CVS and Rite Aid pulled support for Apple Pay shortly after its debut in October. Other notable MCX retailers to deny Apple Pay transactions include Best Buy and Wal-Mart.
In November, however, Davidson said CurrentC's exclusivity timeline would be "measured in months, not years," meaning Apple Pay could show up at MCX merchants sooner than previously thought.
Comments
They don't care about the customer or the risks they put them at. In my mind, it makes them worse than CC companies.
Translation: "Between now and November, we hope to begin a rollout in the Okenfenokee market."
Sounds fucking amazing. I've always wanted to take photos of QR codes at checkout, and directly connect my bank account to this service. Very consumer focused. Where do I signup?
Cynically raking in ipo $$$$ all the while knowing they are ultimately going to fail.
Going to take a whole heap of lipstick to smarten this pig up.
There should be some fall out over this if it pans out that way. Can't see it happening any other way tho' - fail.
Who'd invest in CurrentC anyhow ?
Short sell them, wait for crash. Buy back at pennies on the dollar. Invest in APPL.
Those stores were looking to eliminate the usual 2% or 3% credit card transaction fees. That's why they thought it was a good idea.
Basically... CurrentC was created to benefit merchants.... not the consumer.
Also; Slurp nails it, as always. LOL
Good call - but fraught with risk.
Not for me. Not this one.
Fundamentals are fcuked. They're porked and they know it.
The ipo is a blatant try at a money grab/cost recovery for the few initial investors and the bankers stupid enough to back them.
There will be nothing left in this company at the end of the day.
oh wait - there'll be the lease on the office space :-)
Should be called outdated C. ApplePay is more secure, and no personal info is given out. The so called competitor collects your data and is no better than swiping your credit or debit card the way it is now.
This does not sound very convenient. I would not mind linking my bank account to it (it is linked to PayPal, is there a difference), but the payment process itself seems awkward. Take a picture of a QR code off a terminal? And then how does the merchant know the payment is approved? In order for this to happen, the payment processing would have to happen on the customer side, with a notification being sent at the end to the merchant as confirmation, ie multiple points of potential failure, as opposed to one point of failure on traditional terminals.
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