It has also come to light that the reason why many large retailers have opted out of Apple Pay is because of a consortium called the Merchant Customer Exchange (MCX), which is an effort spearheaded by Walmart to encourage customers to replace credit cards (with fees that the retailers loathe) with their checking accounts.
Here is how CurrentC works (according to those who have used the currently invite-only service):
- Download the CurrentC app (Apple App Store or Google Play)
- Register for an account
- Add a PIN to the app
- Add a checking account to the app
- NOTE: this requires giving CurrentC your SSN and drivers license number, which, in their own words, "is not stored in your phone." As if it makes us more comfortable to know that critical information commonly used in identity theft will be stored in the cloud of an organization that has already been hacked.
- Add any rewards programs you would like to use with the app
- Take your phone out of your pocket/purse
- Unlock your phone (if you have a PIN/passcode)
- Find the CurrentC app on your phone
- Type in the CurrentC app PIN/passcode
- Navigate to the payments section of the app
- Hold the phone steady to scan a QR code near the cash register
- Convenience in grouping transactions together in one monthly payment
- Robust fraud protection
- I've been automatically mailed a new credit card twice in the last year due to the Target and Home Depot breaches. Any fraudulent purchases (where were none) would have been reimbursed, no questions asked.
- Compelling rewards programs
- Cards now offer up to 2% cash back on all purchases, assuming they are paid off on time
- Last but not least, the ability to purchase something using credit, and pay it off over time
- Simplifies the checkout process to a single motion involving moving your phone close to the checkout kiosk while holding a finger on the TouchID button. Because phones are usually immediately accessible to most people, this will be more convenient than pulling out a credit card.
- Dramatically increases security. Your credit card number is not stored on your device or anywhere else. Transactions are made via a dynamically-generated single-use number at the point-of-sale. In the event of a credit card breach, your number is safe, and no new card needs to be issued.
- Automatically works with your credit card issuer to update expired cards without any user intervention.
- Keeps your purchase history private. The credit card issuer will still know, but Apple does not have access to this information; it will not be shared with anyone else.