Apple Pay Live Today

**dex71** · 10-27-14, 04:40 PM

Originally Posted by DJ Mr. White

They've picked a fight with Google and Apple now.

By the time this is done, there will be more big players involved. Don't forget that Apple, Google, and now CurrentC are all playing in Visa's back yard.

**AetheLove** · 10-28-14, 07:32 PM

In-depth look at CurrentC and the personal data they want to collect | iMore

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**Rumble** · 10-28-14, 07:40 PM

I think I'll stick with PayPal who never exposes my banking info to anyone I buy from.

**Guyver** · 10-28-14, 07:42 PM

I'm sure Apple will collect data the same way. To think otherwise is foolish.

**AetheLove** · 10-28-14, 08:14 PM

Originally Posted by Guyver

I'm sure Apple will collect data the same way. To think otherwise is foolish.

Their system, as designed, does not send any info about the purchase to Apple. It doesn't send any info about your payment details (credit card #s, or bank account info) to the merchant.

The merchant still knows what you buy, because 'duh'. You can still use a 'loyalty' card if you want. If you don't give the merchant your ID, they can't tie the purchase to your identity.

I'm pretty sure the credit card company (and/or your bank) still get info on your purchases, but that's no different than before.

I suppose Apple could re-tool their system at some point, though I'm not sure how they'd sneak that one past.

Having been on the merchant side of this equation, I understand the motivation of the MCX people. Having payment processors take a percentage of every transaction is horrible. For any high-volume-low-margin business, a few percentage points one way or the other is the difference between wild success and going out of business. It's why many gas stations offer a cheaper price for cash.

If the market for payment processing and interchange fees was competitive, I'd be ok with it. But it's very much not. There is an entire industry that has wedged itself between buyers and sellers and is skimming every transaction.

From: Failed CurrentC | Snarketing 2.0 by Ron Shevlin

At last year’s BAI Retail Delivery conference, I hosted a meeting of CMOs from large FIs, which featured Lee Scott, the former CEO of Walmart (who is a member of MCX). I asked Mr. Scott why, in the face of so many failed consortia before it, would MCX succeed?

He said: “I don’t know that it will, and I don’t care. As long as Visa suffers.”

Retail business hates paying tribute.

If MCX was motivated to make the customer experience better, they'd trade away the data collection in exchange for cutting out the payment processors. But their problem isn't that their customers have to give away their soul, it's that they're giving it to someone else.

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