MCX CEO calls CurrentC exclusivity fines 'untrue,' responds to recent hack

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Comments

  • Reply 21 of 66
    calicali Posts: 3,494member
    Be right back! I ran out of popcorn...
  • Reply 22 of 66
    ecatsecats Posts: 272member
    I've heard this schtick before.

    CurrentC will call them something like "exclusivity discounts/bonuses", which are stripped away when one introduces a competitor.

    We've seen this same tactic out of Microsoft, when they upped the price of Windows to PC vendors if they were supplying competing operating systems such as OS/2, then later Linux.

    A fine, by any other name, is still a fine.
  • Reply 23 of 66
    fallenjtfallenjt Posts: 4,053member
    Quote:

    Originally Posted by idrey View Post





    Yeap! Sorry no proof reading! ????



    Yeah, the banks, but to what extend?

    30 phone calls and following ups every day for 2 months? LOL. You'll finally get something back. 

  • Reply 24 of 66
    This is a really big deal with a whole lot of $$$$$$ at stake.

    MasterCard, Visa, American Express, and the many banks who partner with them have to feel threatened by the success MCX has had signing up large merchants for CurrentC. That's likely why they've so wholeheartedly embraced Apple Pay.

    Consumers like the float and additional credit that credit cards give them. Consumers will like the convenience of Apple Pay.

    Apple Pay promises to significantly curtail fraud. That is ultimately a benefit for merchants since credit card companies charge back fraudulent charges to the merchants.

    Merchants want to integrate electronic payments with their loyalty programs and couponing. Apple Pay doesn't provide for that, at least in the initial offering.

    There won't be a single winner here, but I think Apple Pay will come out on top.

    As usual, you can bet that Google and Microsoft are already burning the midnight oil trying to copy Apple Pay. It's what they do. It's who they are.
  • Reply 25 of 66
    jbdragonjbdragon Posts: 2,297member
    lkrupp wrote: »
    Bottom line, however, is not the technology but the intent. The CurrenC system seeks to bypass card processing fees. That’s why it was invented. That’s why it is being promoted. That’s why it demands you link your checking or savings account directly. So the technology won’t be the deciding factor as much as the idea of the CurrenC transaction dipping directly into your bank accounts. With a credit card you can float the purchase for a few weeks if you want to.

    No, it's worse. It's all about tracking you and your spending habits. It's worse then a credit card. The App even tries to grab your health info on your phone. All valuable data they don't want to give up. Apple Pay is anonymous to them. All they get is their money. I think they care more about that then transaction fees.
  • Reply 26 of 66
    idreyidrey Posts: 647member
    fallenjt wrote: »
    30 phone calls and following ups every day for 2 months? LOL. You'll finally get something back. 

    Lol yeah if you are lucky! Oh well i rather not risk it. I'll stick to apple pay
  • Reply 27 of 66
    bkerkaybkerkay Posts: 139member

    Need more popcorn for this, than for the GTAT fiasco.  :-)

  • Reply 28 of 66
    idreyidrey Posts: 647member
    jbdragon wrote: »
    No, it's worse. It's all about tracking you and your spending habits. It's worse then a credit card. The App even truss to grab your health info on your phone. Ask valuable data they don't want to give up. Apple Pay is anonymous to them. All they get is their money. I think they care more about that then transaction fees.

    Information is big business
  • Reply 29 of 66
    How is "Dekker Davidson" not a porn name?
  • Reply 30 of 66
    CurrentC should be renamed Lacking PrivaC.
  • Reply 31 of 66
  • Reply 32 of 66

    So this guy dodges a bunch of questions and then it comes out that is not so secure after all. 

     

    I can hear customer loyalty swelling with pride.

  • Reply 33 of 66

    MacRumors also posted this quote:

     

    Quote:


     On the payment front, CurrentC will support a variety of methods including store cards, gift cards, debit cards, and checking account withdrawals, with two credit card companies even on board at this stage. Over time, MCX expects all cards to be welcomed, even with the interchange fees charged for credit card usage.


     

    Which doesn't make sense to me as I thought the sole purpose of this was tracking and bypassing credit card fees.

  • Reply 34 of 66
    Just got rejected at Home Depot when I tried to use Apple Pay. It connected fine, then the card said rejected. Then I used the same actual card the old fashioned way and it took it. Is Home Depot now a part of this revolt?
  • Reply 35 of 66
    solipsismxsolipsismx Posts: 19,566member
    MacRumors also posted this quote:
    On the payment front, CurrentC will support a variety of methods including store cards, gift cards, debit cards, and checking account withdrawals, with two credit card companies even on board at this stage. Over time, MCX expects all cards to be welcomed, even with the interchange fees charged for credit card usage.

    Which doesn't make sense to me as I thought the sole purpose of this was tracking and bypassing credit card fees.

    Two credit card companies? They mean multinationals (i.e.: Visa, MC, Amex, or Discover)? Or simply two financial institutions that issue credit cards?
  • Reply 36 of 66
    solipsismxsolipsismx Posts: 19,566member
    Just got rejected at Home Depot when I tried to use Apple Pay. It connected fine, then the card said rejected. Then I used the same actual card the old fashioned way and it took it. Is Home Depot now a part of this revolt?

    They are a member of MCX, but they are apparently being Switzerland as of right now.
  • Reply 37 of 66
    Quote:

    Originally Posted by Robin Huber View Post



    Just got rejected at Home Depot when I tried to use Apple Pay. It connected fine, then the card said rejected. Then I used the same actual card the old fashioned way and it took it. Is Home Depot now a part of this revolt?



    have you looked at the reviews for their APP recently - over 2500 reviews, all of them terrible.

  • Reply 38 of 66
    idreyidrey Posts: 647member

    have you looked at the reviews for their APP recently - over 2500 reviews, all of them terrible.

    Tim cook and the rest of apple most be having a blast reading those reviews! I know i am lmao! Popcorn please im going to need it!
  • Reply 39 of 66
    Every time I see MCX, I read it as MXC. I don't think there's that much difference, it appears Vic Romano and Kenny Blankenship are still running the show.
  • Reply 40 of 66
    solipsismxsolipsismx Posts: 19,566member
    During a press conference on Wednesday, MCX CEO Dekkers Davidson responded to criticism of the retail consortium's CurrentC system, saying merchant fines for using other payment solutions are untrue.

    Then what do you call the penalty that merchants suffer by not abiding by their contractual obligations?
    "In the future, that could be entirely possible...there will need to be two to three strong players in the ecosystem. One won't simply build the market," Davidson said. It is unclear if he envisions Apple Pay in MCX merchant stores, which would be a supposed breach of current contracts, or CurrentC in non-MCX outlets.

    The problem is ?Pay isn't so much a market than a means to an end for markets players. I expect there will be competitors living side-by-side with ?Pay but that will be a revamped Google Wallet on Android-based devices, whatever MS does win WinPh, and whatever other mobile OSes gain traction.
    MCX is also not married to the idea of using QR codes as a method of data entry and may one day move to NFC if needed Davidson said. The group is already working with merchants on other technologies, but chose to roll out the code-based system for wide compatibility. Assumedly, if consumers adopt NFC contactless systems, like Apple Pay, MCX will modify CurrentC in kind.

    Will Apple ever open up NFC to be used by third-party devs?
    He said MCX anticipated attacks, which is why sensitive information is "securely" stored in the cloud, not on consumer devices.

    Brilliant¡
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