The difference being that with PayPal, your name and accounts are kept in a more secure sever (at least I hope), so that even if hackers got in, they would still have a hard time linking users with their accounts and passwords. Plus PayPal will absorb any unauthorized charges to your account. I don't think you can really say that about Rite Aid or CVS servers. When Target got hacked, I was issued a new card, with a new account number, in less than a month because the hackers got enough personal information off the Target server to make a fraudulent CC using my name and account.
The question is, do you really want to trust the security of a retailer server, with your name and bank account info. It's one thing to have your CC on their servers because fraudulent charges will most likely be absorbed by your CC issuer. But who will cover your drained bank account when the retailer server is compromised?
The fact that PayPal just bought Paydiant, the actual technology platform used by CurrentC, may mean something to millions of PayPal users. Could be an interesting development here.
DavidW's description is not correct - your banking details are not held at the retail server but by CurrentC. It's unclear whether the retailer holds some data that could be used to compromise your account but at least it's not the banking info directly.
That said, it's of little comfort. The CurrentC servers were hacked some time ago, a detail that MCX brushed off as inconsequential. But actually it's hugely important, as the CurrentC servers are the ones that initiate ACH transactions against your bank account - with little authentication and essentially no limits. That is really scary because there is no protection against fraud, as there is with credit cards. If those CurrentC payment servers are compromised, your bank account could be drained and you have no recourse. There's no way that I will accept that risk, especially where there is no benefit (the benefit goes to CurrentC/MCX, Wal-Mart, CVS etc)
CurrentC had a list of user emails hacked. It's stated on their blog, for what it's worth. I love all the speculation around this thing that 1) no one has used, and 2) is all guesswork on how it actually processes anything.
The app has 3600+ reviews as of today. Just eyeballing it, it looks like a little less than 1% are 5-star, with almost all the rest 1-star. At first I thought they were completely bifurcated, but then I noticed the tiniest 1-pixel sliver next to the 2 and 3 stars. The 5-star reviews are fun to read. I think that kind of a ratio will be difficult to overcome.
I think if MCX wanted to improve their chances of success, they should look at what each side (MCX, consumer) gets out of the system and what they supply to the other party.
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.
You have to then show that qr code back to the point of sale terminal. If your mobile device is not connected to the internet the sale won't go through, its beyond inconvenient and the most archaic thing i have seen. Let alone allowing these businesses to have my bank account attached to there service just so they can save credit card fees and put the responsibility of fraudulent payments on me.
You have to then show that qr code back to the point of sale terminal. If your mobile device is not connected to the internet the sale won't go through, its beyond inconvenient and the most archaic thing i have seen. Let alone allowing these businesses to have my bank account attached to there service just so they can save credit card fees and put the responsibility of fraudulent payments on me.
That's not even close to how it works, but interesting perspective for something you've never used. I have a friend using it at Target in pilot and he makes it sound pretty easy, like the Starbucks app.
Since you seem to know how it works then perhaps you'd enlighten us. I am particularly interested in two items:-
1. does CurrentC require direct access to a bank account (or pre-load of credit somehow). MCX's own press releases (a couple of months ago) indicated to me that these were the only options. Is that correct?
2. does your phone require a network connection (cellular or Wi-Fi) during a transaction? If one is required, does the POS terminal provide Wi-Fi to help it along?
Since you seem to know how it works then perhaps you'd enlighten us. I am particularly interested in two items:-
1. does CurrentC require direct access to a bank account (or pre-load of credit somehow). MCX's own press releases (a couple of months ago) indicated to me that these were the only options. Is that correct?
2. does your phone require a network connection (cellular or Wi-Fi) during a transaction? If one is required, does the POS terminal provide Wi-Fi to help it along?
I have a buddy using it in pilot at Target, yes, but I haven't used it myself. I'll ask him and see what he says. He just told me that it's really easy to use when I said to him it looked silly with all the QR code scanning required. And I know he's using it with his Target credit card not a bank account. The press release on the MCX site says something about multiple types of payment accounts, so based on that and my friend using his store credit card, I'd say that there are more options than just direct access to a bank account.
Actually it's far worse! Not only don't you have protection under law like you do with a credit card where you're only liable for fraud up to $50, though I've never even paid that and I've had fraud on my credit card for the last 3 years, you don't have that kind of protection with money withdrawn directly from your bank account. Hell go look up issues people have had with Paypal and linking their bank account to that. Don't do it!!! Use your credit card only!!!
CurrectC is designed to also spy on your shopping habits much worse then the tracking they've done using credit cards. It's one of the huge benefits for the merchants. Apple Pay, they have nothing!!! They can't track you as there's nothing to track you by. They can't store your credit card number in some large database that ends up getting hacked. Not having to pay a transaction fee is good for them, BAD for you!!!! If they don't like the 2-3% cost, raise the prices, or charge a transaction fee. Many gas stations for example have a CASH price and a CREDIT price. Others just charges a flat fee to use a card.
While I think the transaction fee's are one issue they don't like, I think more important is all the data they'd collect on you that's even more valuable to them that they really want and won;t have none of that with Apple Pay or Google Wallet or Samscum pay.
I had to look this up in the MCX terms and conditions, but I do see customer protection in there for what it's worth. Here is a copy of that statement: If you tell us within four (4) business days after you learn of the loss or theft of your mobile device, CurrentC™ Account information and/or PIN, you can lose no more than $50 if someone used your mobile device, CurrentC™ Account information and/or PIN without your permission. http://currentc.com/50D6A97C-4B72-44D6-9021-BE0884ED2F8D/terms-and-conditions/
I agree, they are after the customer data more than anything. Apple says they don't collect your data through ApplePay, but they have so many other ways to get it does it really matter? If you use anything but cash and a fake name/email, companies can track you all over the place. I think there is a risk and reward here in how much information I share with the places I spend money. If the reward is worth it, I'm less likely to care about the risk. Don't you think the majority of people are like that? Dangle a big enough carrot, and I'll try to get it.
And I know he's using it with his Target credit card not a bank account. The press release on the MCX site says something about multiple types of payment accounts, so based on that and my friend using his store credit card, I'd say that there are more options than just direct access to a bank account.
Well that's interesting. However if it's the Target "Red" card, that already has the direct bank account link, i.e. it's a direct-debit card. But if it's Target credit that's different, and interesting.
Well that's interesting. However if it's the Target "Red" card, that already has the direct bank account link, i.e. it's a direct-debit card. But if it's Target credit that's different, and interesting.
Yep, it is the Target credit for sure. I was thinking they'd have some reloadable gift cards and that bank account connection, but sounds like some credit cards of some kind. Of course, only useful if you have those store credit cards in the first place. If I can't add my main visa or discover card, maybe still not so useful. Like I said in another post, give me a big enough reward to use it and I'll probably try it.
Comments
The difference being that with PayPal, your name and accounts are kept in a more secure sever (at least I hope), so that even if hackers got in, they would still have a hard time linking users with their accounts and passwords. Plus PayPal will absorb any unauthorized charges to your account. I don't think you can really say that about Rite Aid or CVS servers. When Target got hacked, I was issued a new card, with a new account number, in less than a month because the hackers got enough personal information off the Target server to make a fraudulent CC using my name and account.
The question is, do you really want to trust the security of a retailer server, with your name and bank account info. It's one thing to have your CC on their servers because fraudulent charges will most likely be absorbed by your CC issuer. But who will cover your drained bank account when the retailer server is compromised?
The fact that PayPal just bought Paydiant, the actual technology platform used by CurrentC, may mean something to millions of PayPal users. Could be an interesting development here.
DavidW's description is not correct - your banking details are not held at the retail server but by CurrentC. It's unclear whether the retailer holds some data that could be used to compromise your account but at least it's not the banking info directly.
That said, it's of little comfort. The CurrentC servers were hacked some time ago, a detail that MCX brushed off as inconsequential. But actually it's hugely important, as the CurrentC servers are the ones that initiate ACH transactions against your bank account - with little authentication and essentially no limits. That is really scary because there is no protection against fraud, as there is with credit cards. If those CurrentC payment servers are compromised, your bank account could be drained and you have no recourse. There's no way that I will accept that risk, especially where there is no benefit (the benefit goes to CurrentC/MCX, Wal-Mart, CVS etc)
CurrentC had a list of user emails hacked. It's stated on their blog, for what it's worth. I love all the speculation around this thing that 1) no one has used, and 2) is all guesswork on how it actually processes anything.
The app has 3600+ reviews as of today. Just eyeballing it, it looks like a little less than 1% are 5-star, with almost all the rest 1-star. At first I thought they were completely bifurcated, but then I noticed the tiniest 1-pixel sliver next to the 2 and 3 stars. The 5-star reviews are fun to read. I think that kind of a ratio will be difficult to overcome.
I think if MCX wanted to improve their chances of success, they should look at what each side (MCX, consumer) gets out of the system and what they supply to the other party.
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.
You have to then show that qr code back to the point of sale terminal. If your mobile device is not connected to the internet the sale won't go through, its beyond inconvenient and the most archaic thing i have seen. Let alone allowing these businesses to have my bank account attached to there service just so they can save credit card fees and put the responsibility of fraudulent payments on me.
Since you seem to know how it works then perhaps you'd enlighten us. I am particularly interested in two items:-
1. does CurrentC require direct access to a bank account (or pre-load of credit somehow). MCX's own press releases (a couple of months ago) indicated to me that these were the only options. Is that correct?
2. does your phone require a network connection (cellular or Wi-Fi) during a transaction? If one is required, does the POS terminal provide Wi-Fi to help it along?
Since you seem to know how it works then perhaps you'd enlighten us. I am particularly interested in two items:-
1. does CurrentC require direct access to a bank account (or pre-load of credit somehow). MCX's own press releases (a couple of months ago) indicated to me that these were the only options. Is that correct?
2. does your phone require a network connection (cellular or Wi-Fi) during a transaction? If one is required, does the POS terminal provide Wi-Fi to help it along?
I have a buddy using it in pilot at Target, yes, but I haven't used it myself. I'll ask him and see what he says. He just told me that it's really easy to use when I said to him it looked silly with all the QR code scanning required. And I know he's using it with his Target credit card not a bank account. The press release on the MCX site says something about multiple types of payment accounts, so based on that and my friend using his store credit card, I'd say that there are more options than just direct access to a bank account.
Actually it's far worse! Not only don't you have protection under law like you do with a credit card where you're only liable for fraud up to $50, though I've never even paid that and I've had fraud on my credit card for the last 3 years, you don't have that kind of protection with money withdrawn directly from your bank account. Hell go look up issues people have had with Paypal and linking their bank account to that. Don't do it!!! Use your credit card only!!!
CurrectC is designed to also spy on your shopping habits much worse then the tracking they've done using credit cards. It's one of the huge benefits for the merchants. Apple Pay, they have nothing!!! They can't track you as there's nothing to track you by. They can't store your credit card number in some large database that ends up getting hacked. Not having to pay a transaction fee is good for them, BAD for you!!!! If they don't like the 2-3% cost, raise the prices, or charge a transaction fee. Many gas stations for example have a CASH price and a CREDIT price. Others just charges a flat fee to use a card.
While I think the transaction fee's are one issue they don't like, I think more important is all the data they'd collect on you that's even more valuable to them that they really want and won;t have none of that with Apple Pay or Google Wallet or Samscum pay.
I had to look this up in the MCX terms and conditions, but I do see customer protection in there for what it's worth. Here is a copy of that statement: If you tell us within four (4) business days after you learn of the loss or theft of your mobile device, CurrentC™ Account information and/or PIN, you can lose no more than $50 if someone used your mobile device, CurrentC™ Account information and/or PIN without your permission. http://currentc.com/50D6A97C-4B72-44D6-9021-BE0884ED2F8D/terms-and-conditions/
I agree, they are after the customer data more than anything. Apple says they don't collect your data through ApplePay, but they have so many other ways to get it does it really matter? If you use anything but cash and a fake name/email, companies can track you all over the place. I think there is a risk and reward here in how much information I share with the places I spend money. If the reward is worth it, I'm less likely to care about the risk. Don't you think the majority of people are like that? Dangle a big enough carrot, and I'll try to get it.
And I know he's using it with his Target credit card not a bank account. The press release on the MCX site says something about multiple types of payment accounts, so based on that and my friend using his store credit card, I'd say that there are more options than just direct access to a bank account.
Well that's interesting. However if it's the Target "Red" card, that already has the direct bank account link, i.e. it's a direct-debit card. But if it's Target credit that's different, and interesting.
Well that's interesting. However if it's the Target "Red" card, that already has the direct bank account link, i.e. it's a direct-debit card. But if it's Target credit that's different, and interesting.
Yep, it is the Target credit for sure. I was thinking they'd have some reloadable gift cards and that bank account connection, but sounds like some credit cards of some kind. Of course, only useful if you have those store credit cards in the first place. If I can't add my main visa or discover card, maybe still not so useful. Like I said in another post, give me a big enough reward to use it and I'll probably try it.