Less than a week after its launch and drug chain big-shots like Rite Aid and CVS are already turning Apple Pay off. Permanently. But, why?
Intentions are pretty clear – to upset Apple’s apple cart!
Rite Aid and CVS are chunks of a bigger something – the ‘MCX’ (Merchant Customer Exchange), a company which has recently come up with CurrentC, another mobile payment app. And this isn’t an idea of just today. It was conspired way back when credit card companies had harassed retailers with a typical fee upon a customer’s usage of credit payments. Bitter pills gulped!
How does CurrentC work?
Apple Pay works on NFC while CurrentC uses QR codes. The app reads this code, generates a payment token and boosts the transaction. Simple.
Now, the big question is, which is a better app?
Apple Pay got blocked somewhere, okay. But, that was only to promote CurrentC and to do away with the credit card pain. So, is the super app really not worth the rage? Facts tell a different story, altogether.
Fact #1: PINs are pinning again?
Apple Pay has a unique feature – the TouchID. Finger print scanning to be plain. And this is security with a capital S. Where’s this is CurrentC? The app is still slogging with PIN codes. Old geyser!
Fact #2: Is saying no to credit cards so easy?
With more than half the world using them, how can you totally avoid yours? CurrentC abhors credits cards; like Lee Scott, the former Walmart CEO said, “I don’t know that MCX will succeed, and I don’t care. As long as Visa suffers.” The only ones it accepts are the in-store cards provided by the retailers.
But, hello! Unless our credit cards become things of the bygone times, there’s no way we can probably do without them. Apple Pay, on the better side, accepts major credit cards and runs with the flow.
Fact #3: Apple Pay’s faster. There’s no doubt about it.
With Apple Pay, get an NFC reader, use your TouchID and you are done with your payment. But, with CurrentC is lengthier. Boring.
But there is also flip-side to the story. In some ways, CurrentC has a big upper hand.
How is the question. Ans this is how –
Apple Pay says – It’s iPhone6 and 6 plus or nothing!
CurrentC runs everywhere. Though not as feasible as Apple Pay, the range of smartphones that it runs on, makes it more welcome-able.
Looks like MCX is only fueling a not-so-great attempt to kill credit cards, I’d say. With so many shortcomings and loopholes, there are some serious doubts arising about its success. Which one do you think will work? Ponder, ponder!