Hate to rain on the usual fanboy comments here, but CurrentC isn't going anywhere because it's all about avoiding $millions in CC fees for retailers; if they implement strong loyalty rewards, which Apple has been SLOW to encourage, then no matter how archaic the process (displaying QR codes etc) CurrentC will at a minimum live alongside ApplePay and Google Wallet. Don't underestimate the power of Walmart.
It probably won't rot on the vine simply because of egos involved, but let's get real. CurrentC wants to link directly to my bank account and that will not happen... ever. They also want to use my info to track me and sell to 3rd parties. Not going to happen. CurrentC was already compromised (last year??) and it was hushed because it "wasn't ready yet".
CurrentC has "bad" written all over it. It's developed by a bunch of rookies and personally, they have zero business being on the software-side of financial transactions. Financial security/encryption/standards change so often and are under immense attacks by rogue hackers that it takes someone like Apple that has the resources and capabilities to stay on top of the game. The quacks at CurrentC are way over their heads. Sure, they may one day get CurrentC ready for deployment, but then (like most companies) they will get lazy, sit back, and be reactive when the first hack occurs. It WILL happen to them.
Besides, I can count the number of times on one hand I've ever been to a Walmart - ever.
This reminds me, more than anything, of Circuit City's DIVX fiasco a decade-and-a-half ago... a corporate solution to a question no consumer EVER asked.
I see this as a way for retailers to try to use their loyal customers as human shields against the "evil credit card companies." Frankly, most people are pretty happy with their credit card companies and enjoy the convenience, fraud protection, and widespread support that all of the major credit cards deliver. If WallyWorld has a bone to pick with Visa, they can go fight that battle on their own but don't try to drag me into the armed conflict. I'm not seeing what's in it for me because I can already write a check or use a debit card if I wanted to. It's not like the retailers will lower their prices once they are unburdened from the credit card fees. They'll just scoop up the extra profits and you'll be left holding the bag for any breaches or shortcomings to their CC Fee Avoidance system end up hitting your wallet. Until the CurrentC consortium shows how they will provide the same level of buyer protection that the CC companies provide they are not delivering anything new. To provide the same level of protection they'll have to charge fees and will be exactly where the CC companies are today.
I think Apple has a much better approach in working with the CC companies as partners. For end users Apple Pay makes what is already a pretty good system even better. Plus we can rest assured that Apple will continue to innovate as the CC card companies continue to innovate. CurrentC has taken an adversarial position against the CC companies so I wouldn't expect any future synergy to come out of them as CC companies evolve. Competition is a good thing but I don't hold out much hope at all for CurrentC. I'm not seeing a sustainable strategy from them - other than to say that they may someday support credit cards. That sounds to me like a plan to fail if their whole purpose in life to allow retailers to avoid CC fees. It's like saying "we'll try this one thing until it fails and then we'll have nothing more to offer." Why even bother starting?
Hate to rain on the usual fanboy comments here, but CurrentC isn't going anywhere because it's all about avoiding $millions in CC fees for retailers; if they implement strong loyalty rewards, which Apple has been SLOW to encourage, then no matter how archaic the process (displaying QR codes etc) CurrentC will at a minimum live alongside ApplePay and Google Wallet. Don't underestimate the power of Walmart.
Hello, MCX? I need to dispute a charge. What's that? You have no fraud protection guarantees? You want me to take it up with the retailer's customer service department? It's not your problem? Have a nice day?
I don't know if Walmart will be able to "support it" if they don't allow those cards. I'm not entirely familiar with the way Apple Pay works, but it's possible that a retailrd must support any card that the user has. I haven't been to enough different stores yet to find one that doesn't support AMEX, which is what I use for almost everything. I'm just guessing here.
I don't know how that actually works, come to think of it. There are businesses that don't accept Amex, but I tend to not patronize them unless it's a small local business that I want to support for other reasons. So I can't say I've ever tried it. All the ApplePay retailers I shop at take Amex anyway.
With ApplePay I use a secure iOS on a fingerprint-enabled device that transfers money from my account in an anonymous secure manner...
With GooglePay I use an unsecure Android OS on a device with questionable security that transfers money from my account in an anonymous secure manner...
With CurrentC I can use an unsecure Android OS on a device with questionable security that transfers money [B]directly[/B] from my bank account to someone else's account with little security and no recourse...
I see this as a way for retailers to try to use their loyal customers as human shields against the "evil credit card companies." ... They'll just scoop up the extra profits and you'll be left holding the bag for any breaches or shortcomings to their CC Fee Avoidance system end up hitting your wallet. Until the CurrentC consortium shows how they will provide the same level of buyer protection that the CC companies provide they are not delivering anything new...
... - other than to say that they may someday support credit cards. That sounds to me like a plan to fail if their whole purpose in life to allow retailers to avoid CC fees. It's like saying "we'll try this one thing until it fails and then we'll have nothing more to offer." Why even bother starting?
I enjoyed your post, and while it does seem pointless for CurrentC to add credit cards, you didn't mention the data collection angle. Sure, Walmart would rather avoid CC fees and track every customer, but I'd guess they might be forced to take what they can get.
I think Walmart's benefit of CurrentC user tracking vs. regular CC user tracking is that the data from all consortium members is shared. (Correct me if I'm wrong.)
Hate to rain on the usual fanboy comments here, but CurrentC isn't going anywhere because it's all about avoiding $millions in CC fees for retailers; if they implement strong loyalty rewards, which Apple has been SLOW to encourage, then no matter how archaic the process (displaying QR codes etc) CurrentC will at a minimum live alongside ApplePay and Google Wallet. Don't underestimate the power of Walmart.
Quote:
Originally Posted by Suddenly Newton
Hello, MCX? I need to dispute a charge. What's that? ...
Hate to rain on your naysayers parade, but wise up. CurrentC was built for the ...
I guess I didn't really take gregq's comment as an endorsement of CurrentC, just a statement that some retailers (translation: Walmart) will use/abuse customers if it saves them a few cents per transaction.
However, if I had written the last sentence, I would have said "Don't underestimate the willpower of Walmart." In this instance, to keep railing against the inevitable.
I predict the common phrase will go from, "Oh, look! [Retailer] supports Apple Pay," to "What do you mean [retailer] doesn't support Apple Pay?!"
1) I saw that report but there was no info on how the data was collected. Maybe it's accurate but the way it was presented (as well as anecdotally) I would doubt it. I use it more each month, and that will increase again as I shift from CVS (the pharmacy I like) to Rite Aid when the support Apple Pay to help move this juggernaut forward ever-so-slightly faster.
2) There is no "shine" to wear off. It's secure -AND- convenient. For comparison, the Apple Watch's watch-to- watch Sketch, Tap, Emoji, and Heartbeat are gimmicky features that users seem to stop using after the newness wears off.
Shine is merely a personal feeling for people. In no way does it have anything to do with the actual product or service.
This reminds me, more than anything, of Circuit City's DIVX fiasco a decade-and-a-half ago... a corporate solution to a question no consumer EVER asked.
Look for a similar outcome here.
And that's the biggest problem it has.
It's not the business of consumers to care about the problems a retailer has with credit card companies (or anything else). It's been working well for decades. I do understand
a company like Walmart with their 3.3% net profit, looking to eliminate the 2% credit transaction fee. That could raise their net to 5.3%, which is a huge increase. That's billions of dollars.
But it's not our problem to worry about. CurrentC doesn't really solve any of our problems, because it wasn't built with our problems in mind, whereas Apple Pay and Android Pay were.
With ApplePay I use a secure iOS on a fingerprint-enabled device that transfers money from my account in an anonymous secure manner...
With GooglePay I use an unsecure Android OS on a device with questionable security that transfers money from my account in an anonymous secure manner...
With CurrentC I can use an unsecure Android OS on a device with questionable security that transfers money directly from my bank account to someone else's account with little security and no recourse...
To be fair, Android Pay should be pretty secure. It uses the same tokenization system Apple Pay uses. With Google Wallet, every transaction needs to pass through Google's servers to complete. And you know where all of that info ends up. I imagine that Android Pay doesn't do that.
To be fair, Android Pay should be pretty secure. It uses the same tokenization system Apple Pay uses. With Google Wallet, every transaction needs to pass through Google's servers to complete. And you know where all of that info ends up. I imagine that Android Pay doesn't do that.
1) Google Wallet wasn't just going through Google and their banking partner, but at first didn't even allow a CC or Debit card. They wanted you to connect a bank account which affects security of payments made, and reduces points that many use to reduce costs. For me, the funds I filter back as account credit (and once as an Amtrak ticket since their exchange rate made a $60 ticket cost only about $20 account credit from one of my cards) ends up being substantial.
2) Android Pay's back-end and giving control to the banks mirrors Apple Pay, but how are they going to implement it with Android so that it's not accessible by simply getting access to a system dump. I assume they are using the secure element of the Android chip, and I hope that they incorporate extra security measures to make it both seamless and protected, which includes phones that have a biometric. I don't want to see another article like we saw with HTC (below), although I'm expecting we will unless Google has found a way to get all HW vendors to follow a rigid path with certain HW elements so that a generic version of the Android Open Source Project (AOSP) or the licensed version with Google Mobile Services (GMS) can easily work with with enough ease that any decent Android-based device will be able to use Android Pay in a secure and safe manner.*
* There are a lot of people here that want Android to die or at least don't want them to have any successes, but the fact remains that they do make a large part of the mobile device ecosystem and there no evidence that will go away anytime soon. Because of this, it behooves everyone that loves Apple Pay and wants to see it in more places so they can eschew carrying their physical plastic cards so they can truly be protected from having their wallet lost or stolen to want Android-based devices and every other mobile platform to have something that mirrors Apple Pay in place as soon as possible. This is for our good but it benefits us best if everyone is on board.
To be fair, Android Pay should be pretty secure. It uses the same tokenization system Apple Pay uses. With Google Wallet, every transaction needs to pass through Google's servers to complete. And you know where all of that info ends up. I imagine that Android Pay doesn't do that.
This is kind of a cavalier attitude I know, but considering my current options of swiping a credit card, I don't see anything less secure about Current C, Android Pay, or truly any other mobile payment system a merchant or bank are likely to accept. I don't currently have an Apple device that supports ?Pay, so an alternative mobile pay system compatible with my iPhone would be appreciated, and as I said, is not likely to be less secure than the credit card I'm currently using, yet more convenient. But the end goal for me is to ultimately migrate to ?Pay.
This is kind of a cavalier attitude I know, but considering my current options of swiping a credit card, I don't see anything less secure about Current C, Android Pay, or truly any other mobile payment system a merchant or bank are likely to accept. I don't currently have an Apple device that supports ?Pay, so an alternative mobile pay system compatible with my iPhone would be appreciated, and as I said, is not likely to be less secure than the credit card I'm currently using, yet more convenient. But the end goal for me is to ultimately migrate to ?Pay.
Then that includes Google Wallet. Explain to me why you think it's "just as secure" to have signed up for Google Wallet when it launched using their one partner bank in which all sales are funneled through after you give them your account and routing numbers. Why do you want this just as secure as not having to give them any data about your buying habits? Are you even sure your bank will protect your account the same way it protects debit and credit cards? Very few have the same level of protection, and some don't protect those transactions at all outside of FDIC requirements. Why do you think it's just as secure to store your card data on a third party server? Or on your device as plaintext? Or have your secure biometric as an unencrypted image file?
Hate to rain on the usual fanboy comments here, but CurrentC isn't going anywhere because it's all about avoiding $millions in CC fees for retailers; if they implement strong loyalty rewards, which Apple has been SLOW to encourage, then no matter how archaic the process (displaying QR codes etc) CurrentC will at a minimum live alongside ApplePay and Google Wallet. Don't underestimate the power of Walmart.
OK but I had read in many places for that reason (avoiding credit card fees) that CurrentC connects directly to your checking account making it a debit card not a credit card. It withdraws funds from your account. So you're right no credit card but payment from your checking account immediately - what' the point? ApplePay that's the way!
Comments
Hate to rain on the usual fanboy comments here, but CurrentC isn't going anywhere because it's all about avoiding $millions in CC fees for retailers; if they implement strong loyalty rewards, which Apple has been SLOW to encourage, then no matter how archaic the process (displaying QR codes etc) CurrentC will at a minimum live alongside ApplePay and Google Wallet. Don't underestimate the power of Walmart.
It probably won't rot on the vine simply because of egos involved, but let's get real. CurrentC wants to link directly to my bank account and that will not happen... ever. They also want to use my info to track me and sell to 3rd parties. Not going to happen. CurrentC was already compromised (last year??) and it was hushed because it "wasn't ready yet".
http://money.cnn.com/2014/10/29/technology/security/currentc-app-hacked/
CurrentC has "bad" written all over it. It's developed by a bunch of rookies and personally, they have zero business being on the software-side of financial transactions. Financial security/encryption/standards change so often and are under immense attacks by rogue hackers that it takes someone like Apple that has the resources and capabilities to stay on top of the game. The quacks at CurrentC are way over their heads. Sure, they may one day get CurrentC ready for deployment, but then (like most companies) they will get lazy, sit back, and be reactive when the first hack occurs. It WILL happen to them.
Besides, I can count the number of times on one hand I've ever been to a Walmart - ever.
Look for a similar outcome here.
I think Apple has a much better approach in working with the CC companies as partners. For end users Apple Pay makes what is already a pretty good system even better. Plus we can rest assured that Apple will continue to innovate as the CC card companies continue to innovate. CurrentC has taken an adversarial position against the CC companies so I wouldn't expect any future synergy to come out of them as CC companies evolve. Competition is a good thing but I don't hold out much hope at all for CurrentC. I'm not seeing a sustainable strategy from them - other than to say that they may someday support credit cards. That sounds to me like a plan to fail if their whole purpose in life to allow retailers to avoid CC fees. It's like saying "we'll try this one thing until it fails and then we'll have nothing more to offer." Why even bother starting?
Hello, MCX? I need to dispute a charge. What's that? You have no fraud protection guarantees? You want me to take it up with the retailer's customer service department? It's not your problem? Have a nice day?
Hate to rain on your naysayers parade, but wise up. CurrentC was built for the benefit of the retailers backing it. Don't be such a cheerleader for just plain terrible ideas.
http://www.pcworld.com/article/2841032/currentc-is-doa-before-its-even-launched.html
I can’t add my bank credit/debit card to this system and I have to tie my checking account directly to this payment scheme. Okay... no.
Exactly.
I use different cards at different places and almost always use cards with cashback or rewards.
I don't know how that actually works, come to think of it. There are businesses that don't accept Amex, but I tend to not patronize them unless it's a small local business that I want to support for other reasons. So I can't say I've ever tried it. All the ApplePay retailers I shop at take Amex anyway.
Then MCX is a committee designed by horses and camels.
With GooglePay I use an unsecure Android OS on a device with questionable security that transfers money from my account in an anonymous secure manner...
With CurrentC I can use an unsecure Android OS on a device with questionable security that transfers money [B]directly[/B] from my bank account to someone else's account with little security and no recourse...
I see this as a way for retailers to try to use their loyal customers as human shields against the "evil credit card companies." ... They'll just scoop up the extra profits and you'll be left holding the bag for any breaches or shortcomings to their CC Fee Avoidance system end up hitting your wallet. Until the CurrentC consortium shows how they will provide the same level of buyer protection that the CC companies provide they are not delivering anything new...
... - other than to say that they may someday support credit cards. That sounds to me like a plan to fail if their whole purpose in life to allow retailers to avoid CC fees. It's like saying "we'll try this one thing until it fails and then we'll have nothing more to offer." Why even bother starting?
I enjoyed your post, and while it does seem pointless for CurrentC to add credit cards, you didn't mention the data collection angle. Sure, Walmart would rather avoid CC fees and track every customer, but I'd guess they might be forced to take what they can get.
I think Walmart's benefit of CurrentC user tracking vs. regular CC user tracking is that the data from all consortium members is shared. (Correct me if I'm wrong.)
Hate to rain on the usual fanboy comments here, but CurrentC isn't going anywhere because it's all about avoiding $millions in CC fees for retailers; if they implement strong loyalty rewards, which Apple has been SLOW to encourage, then no matter how archaic the process (displaying QR codes etc) CurrentC will at a minimum live alongside ApplePay and Google Wallet. Don't underestimate the power of Walmart.
Hello, MCX? I need to dispute a charge. What's that? ...
Hate to rain on your naysayers parade, but wise up. CurrentC was built for the ...
I guess I didn't really take gregq's comment as an endorsement of CurrentC, just a statement that some retailers (translation: Walmart) will use/abuse customers if it saves them a few cents per transaction.
However, if I had written the last sentence, I would have said "Don't underestimate the willpower of Walmart." In this instance, to keep railing against the inevitable.
Shine is merely a personal feeling for people. In no way does it have anything to do with the actual product or service.
And that's the biggest problem it has.
It's not the business of consumers to care about the problems a retailer has with credit card companies (or anything else). It's been working well for decades. I do understand
a company like Walmart with their 3.3% net profit, looking to eliminate the 2% credit transaction fee. That could raise their net to 5.3%, which is a huge increase. That's billions of dollars.
But it's not our problem to worry about. CurrentC doesn't really solve any of our problems, because it wasn't built with our problems in mind, whereas Apple Pay and Android Pay were.
To be fair, Android Pay should be pretty secure. It uses the same tokenization system Apple Pay uses. With Google Wallet, every transaction needs to pass through Google's servers to complete. And you know where all of that info ends up. I imagine that Android Pay doesn't do that.
Anyone want to pile on?
1) Google Wallet wasn't just going through Google and their banking partner, but at first didn't even allow a CC or Debit card. They wanted you to connect a bank account which affects security of payments made, and reduces points that many use to reduce costs. For me, the funds I filter back as account credit (and once as an Amtrak ticket since their exchange rate made a $60 ticket cost only about $20 account credit from one of my cards) ends up being substantial.
2) Android Pay's back-end and giving control to the banks mirrors Apple Pay, but how are they going to implement it with Android so that it's not accessible by simply getting access to a system dump. I assume they are using the secure element of the Android chip, and I hope that they incorporate extra security measures to make it both seamless and protected, which includes phones that have a biometric. I don't want to see another article like we saw with HTC (below), although I'm expecting we will unless Google has found a way to get all HW vendors to follow a rigid path with certain HW elements so that a generic version of the Android Open Source Project (AOSP) or the licensed version with Google Mobile Services (GMS) can easily work with with enough ease that any decent Android-based device will be able to use Android Pay in a secure and safe manner.*
* There are a lot of people here that want Android to die or at least don't want them to have any successes, but the fact remains that they do make a large part of the mobile device ecosystem and there no evidence that will go away anytime soon. Because of this, it behooves everyone that loves Apple Pay and wants to see it in more places so they can eschew carrying their physical plastic cards so they can truly be protected from having their wallet lost or stolen to want Android-based devices and every other mobile platform to have something that mirrors Apple Pay in place as soon as possible. This is for our good but it benefits us best if everyone is on board.
To be fair, Android Pay should be pretty secure. It uses the same tokenization system Apple Pay uses. With Google Wallet, every transaction needs to pass through Google's servers to complete. And you know where all of that info ends up. I imagine that Android Pay doesn't do that.
This is kind of a cavalier attitude I know, but considering my current options of swiping a credit card, I don't see anything less secure about Current C, Android Pay, or truly any other mobile payment system a merchant or bank are likely to accept. I don't currently have an Apple device that supports ?Pay, so an alternative mobile pay system compatible with my iPhone would be appreciated, and as I said, is not likely to be less secure than the credit card I'm currently using, yet more convenient. But the end goal for me is to ultimately migrate to ?Pay.
Then that includes Google Wallet. Explain to me why you think it's "just as secure" to have signed up for Google Wallet when it launched using their one partner bank in which all sales are funneled through after you give them your account and routing numbers. Why do you want this just as secure as not having to give them any data about your buying habits? Are you even sure your bank will protect your account the same way it protects debit and credit cards? Very few have the same level of protection, and some don't protect those transactions at all outside of FDIC requirements. Why do you think it's just as secure to store your card data on a third party server? Or on your device as plaintext? Or have your secure biometric as an unencrypted image file?
Hate to rain on the usual fanboy comments here, but CurrentC isn't going anywhere because it's all about avoiding $millions in CC fees for retailers; if they implement strong loyalty rewards, which Apple has been SLOW to encourage, then no matter how archaic the process (displaying QR codes etc) CurrentC will at a minimum live alongside ApplePay and Google Wallet. Don't underestimate the power of Walmart.
OK but I had read in many places for that reason (avoiding credit card fees) that CurrentC connects directly to your checking account making it a debit card not a credit card. It withdraws funds from your account. So you're right no credit card but payment from your checking account immediately - what' the point? ApplePay that's the way!
Apple devices uses fingerprint recognition.
Android devices use a password.
which is more secure?
I can't wait for this to release. CurrentC's system will blow Apple Pay away.
Linked to your checking account? Check
Stores receipts of your purchases in the cloud? Check
Complex security of QR Codes? Check
Can't load credit cards or store cards? Check
Merchants can track what you purchase? Check
How can Apple compete with this? /s
You missed one:)
Merchants not responsible for fraud when CurrentC is used. Check
(customers will be)