Apple Pay Competitor CurrentC Detailed as Convoluted System With Minimal Consumer Benefit

With recent moves by pharmacy chains CVS and Rite Aid to disable Apple Pay or even NFC payments entirely at their stores, a separate mobile payments initiative backed by these and other major retailers is gaining significant attention. This consortium of merchants, which includes Best Buy, Walmart, Lowe's, and many more, is known as Merchant Customer Exchange (MCX) and is developing a mobile payments solution known as CurrentC.

Though it is supported by major retailers attempting to work around the credit card swipe fees charged by banks and card issuers, CurrentC may be hindered by a complicated user interface and security concerns as detailed in a report by TechCrunch.

currentchowto
Unlike Apple Pay, which uses NFC to process payment wirelessly, the CurrentC system uses a dedicated app and relies on QR code scanning to process a consumer's payment. The app stores receipts as well as provide access to loyalty accounts, which can be used to apply discounts at participating retailers.

To use CurrentC, consumers must have an active account that requires them to set up a bank account as a payment source and confirm their identity by providing their driver's license and social security number. This sensitive information is stored in the cloud and not on the phone.

When you sign up for CurrentC, you’re supposed to add your bank account. This lets CurrentC process payments for you without retailers having to pay the steep credit card processing fee. You can also add retailers’ loyalty credit cards or gift cards as payment methods.

Payments are pulled automatically from the bank account linked to the user's account via Automated Clearing House (ACH) transactions, a system adopted as a way to help merchants avoid paying the approximately 2-3 percent fee levied by credit card companies. MCX also provides retailers with consumer intelligence information, allowing them to send targeted ads and discount offers to consumers based on their purchase history.

currentc-data-collected

CurrentC notes it may share info with your device maker, app store, or developer tool makers. Oddly, it will collect health data. Precise location information is used to verify you’re at the retailer where you’re making a transaction, and if you opt in it can be used for marketing or advertising. CurrentC notes that you can opt in to be able to capture and store photos in the app for a hypothetical visual shopping list or other features down the road.

In 2012, MCX reportedly ramped up its efforts to entice retailers to join its mobile payments system., asking participating merchants for an upfront fee of up to $500,000 and requiring them to sign three-year exclusivity deals. These deals appear to be the reason Rite Aid and CVS disabled unofficial access to Apple Pay in their stores, although it is unclear why they waited until after the service went live and customers were using it before disabling their systems.

CurrentC is currently in beta testing and on target for a 2015 launch, which positions it behind Apple's already existing Apple Pay system. It is reportedly being pilot tested in Minnesota at select retailers before rolling out nationwide next year. Because the payments do not require NFC or Bluetooth LE, the system will be compatible with a variety of Android and older model iPhones.

Adoption may be slow as retailers must modify their point of sales systems to accept these payments. Consumers may also balk at a system that requires the cloud storage of sensitive information and a cumbersome checkout process that relies on QR codes accessed through a separate app and tied to direct bank withdrawals. To compensate for these detractors, MCX reportedly will push retailer discounts and loyalty purchases to entice consumers to adopt this upcoming mobile payments system.

Related Roundup: Apple Pay

Top Rated Comments

penajmz Avatar
122 months ago
This antiquated technology will be dead on arrival.


You want people's drivers license, social security number and bank account number?

Lol.
Score: 159 Votes (Like | Disagree)
Derekeys Avatar
122 months ago
Why is everyone complaining?

I can't wait to get ads about erectile dysfunction on my Facebook page after having bought shampoo at CVS using a QR code scanner.

:rolleyes:
Score: 96 Votes (Like | Disagree)
Jazper Avatar
122 months ago
Who ever came up with this should be fired.
Score: 91 Votes (Like | Disagree)
jacobh101 Avatar
122 months ago
How is this any easier then paying with cash or card? What an awful idea.
Score: 84 Votes (Like | Disagree)
jclardy Avatar
122 months ago
So...in short:

Apple Pay:
1. Hold phone to reader
2. Scan fingerprint

CurrentC:
1. Unlock phone
2. Find CurrentC app
3. Launch CurrentC app
4. Hope you have adequate signal in concrete walls of the store
5. Hold phone up to scanner

Also CurrentC is essentially a debit transaction. So no rewards, reduced fraud protection and increased likelihood of getting actual cash stolen from your bank account (Compared to a credit card being stored locally with Apple Pay.)
Score: 71 Votes (Like | Disagree)
CheesePuff Avatar
122 months ago
This will crash and burn soon enough - nobody wants to be scanning QR codes when their devices support NFC.
Score: 71 Votes (Like | Disagree)

Popular Stories

General Apps Messages

Apple Announces 'Groundbreaking' New Security Protocol for iMessage

Wednesday February 21, 2024 6:00 am PST by
Apple today announced a new post-quantum cryptographic protocol for iMessage called PQ3. Apple says this "groundbreaking" and "state-of-the-art" protocol provides "extensive defenses against even highly sophisticated quantum attacks." Apple believes the PQ3 protocol's protections "surpass those in all other widely deployed messaging apps," according to its blog post:Today we are announcing...
iOS 17

iOS 17.4 Will Add These New Features to Your iPhone

Monday February 19, 2024 6:52 am PST by
Apple last month confirmed that iOS 17.4 will be released in March, and the update includes several new features and changes for the iPhone. Key new features in iOS 17.4 include major App Store changes in the EU and Apple Podcasts transcripts. The update also adds new emoji and includes preparations for the launch of next-generation CarPlay later this year. More details about the new...
Beyond iPhone 13 Better Blue Face ID Single Camera Hole

Six Reasons to Wait for Next Year's iPhone 17

Thursday February 22, 2024 4:20 am PST by
Apple's iPhone development roadmap runs several years into the future and the company is continually working with suppliers on several successive iPhone models concurrently, which is why we sometimes get rumored feature leaks so far ahead of launch. The iPhone 17 series is no different, and already we have some idea of what to expect from Apple's 2025 smartphone lineup. If you plan to skip...
samsung galaxy ring

'Apple Ring' Allegedly in Development to Rival Samsung Galaxy Ring

Tuesday February 20, 2024 2:27 am PST by
Apple is speeding up development of a smart ring that can be worn on the finger to track users' health biometrics, claims a new report coming out of Korea. Teaser image of Samsung Galaxy Ring shown at Galaxy Unpacked in January Apple has toyed with the idea of a ring wearable for several years, as indicated by several patents, but with Samsung preparing to bring its own product to market, the ...
volvo s60 drivers apple maps

iOS 17.4 Beta Adds CarPlay Option to Show Upcoming Maneuvers in Instrument Cluster

Tuesday February 20, 2024 10:47 am PST by
The fourth beta of iOS 17.4 that Apple released today adds a new CarPlay feature, according to the notes that Apple provided to developers. In supported CarPlay vehicles, there's now an Apple Maps option to show information about upcoming maneuvers in the instrument cluster. CarPlay users will be able to swap the display type between the main and instrument cluster by tapping on the map...
Oled iPads and MackBook Pro Notch

Apple's OLED Roadmap: New iPad Mini, Foldable iPad Pro, and More

Wednesday February 21, 2024 5:29 am PST by
Apple is planning to launch at least nine new devices with OLED displays across the iPad and MacBook product lines, according to an updated forecast from research firm Omdia that sets out the company's plans in detail. As widely rumored, Apple's push to transition to OLED will apparently be jump-started by the release of new 11- and 13-inch iPad Pro models this year. The displays will...
iPad Pro OLED Feature 2

Apple's Upcoming OLED iPad Pro Models Rumored to Be Much Thinner

Tuesday February 20, 2024 1:39 pm PST by
Apple is planning to update the iPad Air and iPad Pro lineups as soon as March, and the new iPad Pro models will be significantly thinner according to dimensions shared by 9to5Mac. Citing sources with knowledge of Apple's plans, the site claims that the larger version will be more than 1mm thinner. The current 12.9-inch iPad Pro measures in at 6.4mm thick, but the new model is said to be 5mm ...
m3 macbook pro 14 16

Apple Now Selling Refurbished M3 Pro and M3 Max MacBook Pro Models

Monday February 19, 2024 5:04 pm PST by
Apple today began offering refurbished versions of the 14-inch and 16-inch MacBook Pro models with M3 Pro and M3 Max chip options, offering the machines at a discount for the first time since their October 2023 release. The release of M3 Pro and M3 Max models on Apple's refurbished store comes almost two weeks after the entry-level 14-inch M3 MacBook Pro first appeared on the store....