Apple Pay and Google Wallet are the future of paying via smartphone, but some retailers are trying to fight back the technology, not because the technology is great, it’s because retailers are tried of paying credit card fees, or corporate greed. The Merchant Customer Exchange or MCX, are developing their own way to pay via smartphone, called CurrentC. The app uses QR Codes to make the transaction. But there are a few problems with CurrentC. For starters, e-mail data from CurrentC was already hacked! And two, paying with CurrentC will be a major hassle. This photo below is from the CurrentC website. Yep, you scan a QR code, then turn your phone around to let the cashier scan the QR code. It will take a lot longer to pay than swiping your phone with NFC in it.
The Merchant Customer Exchange was created by Wal-Mart, whose ultimate goal was to stop paying the credit card fees, and punish Visa. Because playing their fees means smaller profits for Wal-Mart, that’s right, Wal-Mart is more concerned about profits, then providing an easier way to pay for things. Wal-Mart even filed a lawsuit against Visa and MasterCard to quit paying those fees, but they lost. In this video below from Twit, Leo Laporte talks about Apple Pay and CurrentC, and even reads a statement from Wal-Mart. Which was comical at best.
Walmart, and the other retailers below who are a part of the MCX, believe offering royalty discounts will lure people to use CurrentC instead of Apple Pay or Google Wallet. Boy, are these retailers stupid, and wrong. QR Codes is a technology that is not very secure and reliable, and this is going to be hacked, and hacked, and hacked again. Thankfully, one chain, Meijer, is already defying this stupid ban and accepting Apple Pay and Google Wallet in their stores.
Retailers turning off the NFC technology, and not allowing people to use Apple Pay or Google Wallet, is like turning off WiFi at McDonald’s, because WiFi is a new Technology, and they want to keep people on dial up. Yes, I am against CurrentC, and support Apple Pay and Google Wallet, because they are a lot safer, and easier to use. Here are five reasons why you should not use CurrentC when you go shopping.
1. Retailers Collect Your Personal Information
Did you know that CurrentC wants your social security number and driver’s license number to sign up? Yep, and the retailers will also be able to track your shopping purchases and habits. So, using CurrentC means your privacy goes down the drain.
2. You Can Not Use Your Credit Cards
CurrentC wants to tie in directly to your bank account to pay for things. They say they will also allow you to use gift cards, and store credit cards. But, try to use your Visa credit card, and you are out of luck. Yes, giving your bank account to the retailers is a safe and reliable thing, not!
3. Way Too Many Loyalty Programs
CurrentC wants to reward their users with coupons and royalty discounts. Way too many retailers use reward cards to track their shoppers, and the price for being tracked is special deals. There are way too many programs to keep track of, just kill of these royalty programs already.
4. There’s No Fraud Protection
Since you are tying your bank account directly to CurrentC, if something did happen and your money was stolen, what protection is there to get your money back? The credit cards have fraud protection built in, so people are not charged and get their money back. This is why retailers pay those credit card fees, to keep people safe.
5. Your Time In Line Will Get Longer
When someone is trying to use CurrentC to pay for their items, it’s going to take a lot longer to get through the line, then paying with NFC. Hope you have something interesting to read or listen too, because you will be standing in longer lines and waste a lot more time.
Face it retailers, your clunky attempt to kill off NFC technology is not going to work. It won’t kill you to pay those credit card fees because it means protection to the consumers when their credit or debit card numbers gets hacked because of you. CurrentC is like going back to the 1800’s, when people were still using the telegraph. CurrentC is a clunky, and poor attempt to bring in sales. The future is with Apple Pay and Google Wallet, if you don’t accept it, watch your sales go down as consumers go to other stores.
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