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Consumers need to better aware about what is really happening with the conflict over Apple Pay / Goggle Wallet and CurrentC (the product being developed by MCX). So take off your partisan glasses and investigate what these new methods of payment really means for the consumer.
When you purchase any item with a credit card, the business you purchase from pays a 2-3% fee to the credit card company. Ask any retailer about this. When you use Apple Pay or Goggle Wallet you are paying by credit card without needing the card itself through a secure encrypted system. This is all that Apple Pay does. The business owner still needs to pay a use fee to the credit card company. No consumer information is ever collected through this payment system. CurrentC is very different.
CurrentC does not use credit cards so there is no 2-3% fee charged to the selling business. Instead your purchase costs are directly subtracted from your bank account as a debit charge. The business owner that sells you the product is charged nothing. This means that the transaction company (MSX) must keep on file all of your banking data, access to your bank accounts, personal Identification data such as your Social Security number, your Driver's License number, and any other required identification, etc, etc. This also means that MSX can collect and use your personal shopping statistics, such as what you buy, and target you with ads via postal mail or e-mail.
See the difference?
I do not own a smartphone nor ever intent to use Apple Pay.
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