How Safe is Apple Pay? Another Payment System CurrentC Has Been Hacked Before Launched

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.

How Safe is Apple Pay? Another Payment System CurrentC Has Been Hacked Before Launched

Reports show that some retailers are not very keen on supporting Apple Pay

There is a lot hype created with the Apple’s recently launched Pay system Apple Pay these days. However, it seems that its certainly not going to be cake walk for Apple to establish this method in mobile. This is because recently a number of very high profile retailers like BestBuy, Rite Aid and Walmart have announced that they would not support this latest creation from the Cupertino giant.

Some merchants have even disabled or modified the NFC readers in their stores to shut out the Apple Pay. The reason behind all these is said to be the Current C which is a payment system backed by some of the retail heavy-weights that aims to cut off credit or debit card processing fees by directly taking the money from user’s bank. The CurrentC is all set to be launched next year and would have a dedicated app for iOS and Android. Apart from just being a payment platform, this app would also serve as a platform for retailers in order to offer promotions to consumers.

There is a big list of CurrentC backers that includes Walmart, Kmart, Sears, Bad and Beyond and other US gas station chains. We don’t know how far would CurrentC be a success but for the time being it has certainly raised worries for Apple and pitched in a new competition ahead.

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Reports show that some retailers are not very keen on supporting Apple Pay