Apple Pay is out just a week back and it has already got competition. CurrentC, is a soon to be launched application that makes payments easier for you, much like the technology rolled out by Apple. The key thing is that Apple Pay has partnered with big players in the credit card market and not all popular merchants are comfortable with that. The Merchant Customer Exchange (MCX) is developing CurrentC, a rival mobile payments network for Apple Pay. CurrentC still in testing, experienced its first hack, jeopardizing email address of all beta-users of the application.
Hackers got sensitive information from this Wal-Mart backed payment network, which was suppose to be highly secure and protected. The email addresses leak was identified within 36 hours of the hack and CurrentC failed the test. The spokesperson of MCX revealed that their beta application was hacked multiple times and it is not a surprise when you are challenging the big players, hinting at the big players Apple and Google. Apple Pay however, is not very pleasing either, many consumers are miffed on merchants banning payments via Apple Pay.
MCX’s CurrentC could have been a big hit at many stores that do not accept payments via Apple Pay. But this data security flaw is something unacceptable when people are trusting you with their finances. Mobile wallets can not compromise like this. Looking at the current status of mobile transaction, Apple is providing its very special fingerprint technology, Google Wallet is more about shopping offers and coupons and CurrentC is an attempt to make payments over a broad market more feasible.
The hack is a disgrace, but it might prompt the makers to try to make a better application. The challenge is not to stand up against key players and change the status quo, but to provide millions of customers and merchants a reliable, secure and user-friendly mobile payment system.
According to the reports, the United States’ two largest pharmacies — Rite Aid and CVS have refused Apple Pay, as well as Google Wallet, that supports NFC based payment method. Both of the major retailers refused to accept the payment system and try to push up their own payment system.
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