CurrentC is another smartphone payment system which is developed from a consortium of retailers, such as Best Buy, WalMart, Target and Sears. The system is currently being test-marketed in some confidential locations. However, unfortunately, the system has been hacked even before it was officially launched.
CurrentC is run by Merchant Customer Exchange (MCX) based in Boston. Its main objective is to be the alternative of payment system of Apple Pay. Apple Pay has nabbed 1 million new customers in three days which is considered a huge success.
There are some differences of CurrentC and Apple Pay. For Apple Pay, it only works with iPhones currently and the new iPhones have built-in NFC (Near Field Communication) chips that talk directly to pinpads near the cash register. Therefore, what you need to do is to put your credit card information into a Passbook app on iPhone for Apple Pay and wave the phone at the pinpad when you are about to make payment. After that, secure the transaction with your fingerprint from Apple’s TouchID.
In comparison, CurrentC does not work with credit cards. Therefore what it does is that the mobile payment system connects your checking account directly. This system has an advantage that the user can add in coupons and loyalty information from the retailers. Moreover, instead of using fingerprint technology, CurrentC uses clunky QR code system. To register, you will need your social security number, driver’s license and banking information.
With this news, there should be some impact to the Apple Pay. Yes, we heard about the security issue with the iCloud with the leaked nude celebrity photos however so far we have not heard any issue with iTunes and credit card accounts.