I predict that eventually MCX is going to have to change from QR code to NFC. Then there would be no reason not to accept systems like Apple Pay, in fact they could set up a deal with Apple that includes a loyalty card system and does not involve the credit card companies.
But in the meantime they are in for a great big bag of hurt.
What's weird is that ApplePay uses your own Visa / MasterCard of your choice. (As long as it's a Chase Bank issued card grrrr) So the fact that ApplePay simply uses a tokenized encrypted NFC transfer with fingerprint scanner to process said card... How is this even competing with CurrentC? (Other than the fact that it's infinitely safer and much less intrusive than CurrentC or swiping an actual card will ever be.) Are stores going to stop taking Visa and MasterCard? Because that's effectively what the CurrentC is asking it's members to do. I for one will not be shopping at CVS until they change their tune on this topic. There are too many Walgreen's near by to make that an easy decision. I'll also go to Meijer instead of Walmart which is right across the street from each other.
These idiot companies would be wise to offer both and let the marketplace decide which they prefer. CurrentC trying to strong-arm Apple is not a good idea.
They are in Michigan, Indiana, Ohio, Kentucky and Illinois IIRC. On one hand they have had to evolve and change to counter the threat from Walmart. On the other hand, they refuse to use debt to grow their operations and are expanding on their own time table. So no matter how much I beg them to open a store in my state, it aint happening until they are ready.
I bet that since CurrentC isn't actuslly released that retailers can use any payment system they like. Once CurrentC is released is probably when fines can occur.
Meijer is smart - use this time to accept Apple Pay and then decide later if they want to stay with MCX.
I've read that merchants paid $500,000 to $1,000,000 to become a member of CurrentC. That just might factor into what they decide in the future, if MCX makes them choose one or the other.
"Still, MCX's current contracts state that retailers cannot support other payment systems"
Is there any confirmation on this? Last I read it was from an unconfirmed anonymous source, and has been denied by MCX. I'm no fan of CurrentC but I think we need the truth here and not state rumors as if they are fact.
mcx never denied the clause, just the fines. Likely there were such but when they bad PR started they dropped it.
My guess is that while MCX claims not to fine members for supporting NFC payments, they will refuse to process transactions for them, essentially forcing them to make an either/or decision. I really don't think this calculus adds up in MCX's favor.
Now that the CEO has said folks are free to leave and there are no fines if you support NFC they wouldnt dare such a trick. Companies would ditch them. Not to mention the bad PR
There were over 1 million sign-ups within 72 hours of launch. If there is an announcement soon of some astronomical sum of transactions or dollars processed through ApplePay, all the rest of them will magically come online very quickly.
What's weird is that ApplePay uses your own Visa / MasterCard of your choice. (As long as it's a Chase Bank issued card grrrr) So the fact that ApplePay simply uses a tokenized encrypted NFC transfer with fingerprint scanner to process said card... How is this even competing with CurrentC? (Other than the fact that it's infinitely safer and much less intrusive than CurrentC or swiping an actual card will ever be.) Are stores going to stop taking Visa and MasterCard? Because that's effectively what the CurrentC is asking it's members to do. I for one will not be shopping at CVS until they change their tune on this topic. There are too many Walgreen's near by to make that an easy decision. I'll also go to Meijer instead of Walmart which is right across the street from each other.
My question is why can't Apple simply add the retailer's loyalty cards as another option for an Apple Pay purchase? Just piggyback the loyalty card onto the credit card when one is in a store where the customer has such a card already? Customers would like it and the retailers would get their oh-so-valuable marketing information.
They are in Michigan, Indiana, Ohio, Kentucky and Illinois IIRC. On one hand they have had to evolve and change to counter the threat from Walmart. On the other hand, they refuse to use debt to grow their operations and are expanding on their own time table. So no matter how much I beg them to open a store in my state, it aint happening until they are ready. ;)
Sounds like the kind of store I would go out of my way to shop at. I'd reasonably suspect the staff are paid more and are happier too.
As far as NFC payments go, it's very likely that most Americans weren't even aware that the NFC card readers existed because most banks weren't issuing chip+pin+NFC cards, and every place that has rolled out NFC, only did so AFTER rolling out chip+pin.
I had my BMO-Harris card replaced some time last year, and it still didn't have a Chip or NFC ability, while my BMO (Canada) card has had both functions for a few years already. I started using NFC the minute I saw a NFC reader.
They are in Michigan, Indiana, Ohio, Kentucky and Illinois IIRC. On one hand they have had to evolve and change to counter the threat from Walmart. On the other hand, they refuse to use debt to grow their operations and are expanding on their own time table. So no matter how much I beg them to open a store in my state, it aint happening until they are ready.
Meijer is a straight-up operation that got its start around Grand Rapids. Reasonable prices, good merchandise, spotless stores and a solid customer focus. They seem to have a customer experience mindset similar to Apple. That they started as a family business and are still privately held may have a lot to do with it.
Following continued unclear answers and dodging from MCX executives, an MCX spokesperson has confirmed to Business Insider that consortium members who choose to accept Apple Pay must indeed leave the CurrentC group. During yesterday's conference call, the executives refused to share whether any retailers have left the group or are considering doing so.
I can see other firms leaving this group as the Holiday Season and Black Friday draw near - the height of the credit card fraud / identity theft season.
he entire QR code thing is at least more than a decade old and gained no traction anywhere except in some advertising material (QR codes for coupons never surfaced however) and some specific uses meant to be used on mobile devices only.
Is there any reason why Apple wouldn't approve the CurrentC app for use with the iPhone?
Frankly, I wouldn't be opposed to using it since the iPhone 5 series doesn't support Apple Pay, and I have no intention of upgrading until Apple offers a smaller phone than the 6, nor do I plan on buying an Apple Watch to use Apple Pay.
Is there any reason why Apple wouldn't approve the CurrentC app for use with the iPhone?
Frankly, I wouldn't be opposed to using it since the iPhone 5 series doesn't support Apple Pay, and I have no intention of upgrading until Apple offers a smaller phone than the 6, nor do I plan on buying an Apple Watch to use Apple Pay.
You can write to CVS, but a more effective response in my opinion is to call the number on your ExtraCare card and tell CVS to cancel your card because they won't accept ApplePay. If enough people do this, they will definitely notice. Since they're planning to use CurrentC technology to track customers's buying habits, this seems a particularly appropriate response.
"Still, MCX's current contracts state that retailers cannot support other payment systems"
Is there any confirmation on this? Last I read it was from an unconfirmed anonymous source, and has been denied by MCX. I'm no fan of CurrentC but I think we need the truth here and not state rumors as if they are fact.
Yes, it is clearly stated on their website.
"their customers; the choice is theirs. When merchants choose to work with MCX, they choose to do so exclusively and we’re proud of the long list of merchants who have
partnered with us. Importantly, if a merchant decides to stop working with MCX, there are no fines."
In other words, you join, MCX gains exclusivity as mobile payment system but retailers are free to break away from MCX without fines. But that would mean you won't be able to accept their payment method.
Comments
But in the meantime they are in for a great big bag of hurt.
What's weird is that ApplePay uses your own Visa / MasterCard of your choice. (As long as it's a Chase Bank issued card![:\](/resources/emoji/confused.png ":\")
grrrr) So the fact that ApplePay simply uses a tokenized encrypted NFC transfer with fingerprint scanner to process said card... How is this even competing with CurrentC? (Other than the fact that it's infinitely safer and much less intrusive than CurrentC or swiping an actual card will ever be.) Are stores going to stop taking Visa and MasterCard? Because that's effectively what the CurrentC is asking it's members to do. I for one will not be shopping at CVS until they change their tune on this topic. There are too many Walgreen's near by to make that an easy decision. I'll also go to Meijer instead of Walmart which is right across the street from each other.
These idiot companies would be wise to offer both and let the marketplace decide which they prefer. CurrentC trying to strong-arm Apple is not a good idea.
They are in Michigan, Indiana, Ohio, Kentucky and Illinois IIRC. On one hand they have had to evolve and change to counter the threat from Walmart. On the other hand, they refuse to use debt to grow their operations and are expanding on their own time table. So no matter how much I beg them to open a store in my state, it aint happening until they are ready.
I bet that since CurrentC isn't actuslly released that retailers can use any payment system they like. Once CurrentC is released is probably when fines can occur.
Meijer is smart - use this time to accept Apple Pay and then decide later if they want to stay with MCX.
I've read that merchants paid $500,000 to $1,000,000 to become a member of CurrentC. That just might factor into what they decide in the future, if MCX makes them choose one or the other.
mcx never denied the clause, just the fines. Likely there were such but when they bad PR started they dropped it.
Now that the CEO has said folks are free to leave and there are no fines if you support NFC they wouldnt dare such a trick. Companies would ditch them. Not to mention the bad PR
Who's next?
There were over 1 million sign-ups within 72 hours of launch. If there is an announcement soon of some astronomical sum of transactions or dollars processed through ApplePay, all the rest of them will magically come online very quickly.What's weird is that ApplePay uses your own Visa / MasterCard of your choice. (As long as it's a Chase Bank issued card![:\](/resources/emoji/confused.png ":\")
grrrr) So the fact that ApplePay simply uses a tokenized encrypted NFC transfer with fingerprint scanner to process said card... How is this even competing with CurrentC? (Other than the fact that it's infinitely safer and much less intrusive than CurrentC or swiping an actual card will ever be.) Are stores going to stop taking Visa and MasterCard? Because that's effectively what the CurrentC is asking it's members to do. I for one will not be shopping at CVS until they change their tune on this topic. There are too many Walgreen's near by to make that an easy decision. I'll also go to Meijer instead of Walmart which is right across the street from each other.
My question is why can't Apple simply add the retailer's loyalty cards as another option for an Apple Pay purchase? Just piggyback the loyalty card onto the credit card when one is in a store where the customer has such a card already? Customers would like it and the retailers would get their oh-so-valuable marketing information.
Sounds like the kind of store I would go out of my way to shop at. I'd reasonably suspect the staff are paid more and are happier too.
As far as NFC payments go, it's very likely that most Americans weren't even aware that the NFC card readers existed because most banks weren't issuing chip+pin+NFC cards, and every place that has rolled out NFC, only did so AFTER rolling out chip+pin.
I had my BMO-Harris card replaced some time last year, and it still didn't have a Chip or NFC ability, while my BMO (Canada) card has had both functions for a few years already. I started using NFC the minute I saw a NFC reader.
They are in Michigan, Indiana, Ohio, Kentucky and Illinois IIRC. On one hand they have had to evolve and change to counter the threat from Walmart. On the other hand, they refuse to use debt to grow their operations and are expanding on their own time table. So no matter how much I beg them to open a store in my state, it aint happening until they are ready.
Meijer is a straight-up operation that got its start around Grand Rapids. Reasonable prices, good merchandise, spotless stores and a solid customer focus. They seem to have a customer experience mindset similar to Apple. That they started as a family business and are still privately held may have a lot to do with it.
Following continued unclear answers and dodging from MCX executives, an MCX spokesperson has confirmed to Business Insider that consortium members who choose to accept Apple Pay must indeed leave the CurrentC group. During yesterday's conference call, the executives refused to share whether any retailers have left the group or are considering doing so.
I can see other firms leaving this group as the Holiday Season and Black Friday draw near - the height of the credit card fraud / identity theft season.
he entire QR code thing is at least more than a decade old and gained no traction anywhere except in some advertising material (QR codes for coupons never surfaced however) and some specific uses meant to be used on mobile devices only.
Is there any reason why Apple wouldn't approve the CurrentC app for use with the iPhone?
Frankly, I wouldn't be opposed to using it since the iPhone 5 series doesn't support Apple Pay, and I have no intention of upgrading until Apple offers a smaller phone than the 6, nor do I plan on buying an Apple Watch to use Apple Pay.
When the CurrentC app is submitted for App Store approval Apple should deny it.
Why?
Yes, it is clearly stated on their website.
"their customers; the choice is theirs. When merchants choose to work with MCX, they choose to do so exclusively and we’re proud of the long list of merchants who have
partnered with us. Importantly, if a merchant decides to stop working with MCX, there are no fines."
In other words, you join, MCX gains exclusivity as mobile payment system but retailers are free to break away from MCX without fines. But that would mean you won't be able to accept their payment method.