Wednesday, October 29, 2014

Apple Pay or CurrentC?

(10/29/2014) Recently, CVS and Rite Aid announced that they will not support Apple Pay. The reason of not-supporting Apple Pay was revealed by New York Time: several retailers (including Walmart, Best Buy, CVS...) are working on a mobile payment platform CurrentC. Supported by these retailers, CurrentC (based on MCX, Merchant Customer Exchange) can save those supporting retailers 2%~3% of commission, which the retailers pay to credit card companies.

Well, it turns out that CurrentC is not that safe at all. They have sent out email to users that "unauthorized third parties obtained the e-mail addresses of some of you." (Did Apple do that? just kidding.) In Chinese, we have a saying "三個臭皮匠,勝過一個諸葛亮," which means "Two heads are better than one." However, if most retail heads are incompetent in data security, no matter how many head they form an alliance, they will not be competent either.

What platform will you support? I don't think CurrentC will back off anytime soon because 2% saving is too good to let go.


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