Newsroom
October 30, 2014
CurrentC mobile payments app faces criticism
CurrentC continues to make headlines as the stores committed to the new digital wallet app – available in 2015 – are blocking usage of Apple Pay, which so far is accepted by increasing numbers as a safer, more secure payment system than traditional credit cards.
Forbes cited a new a study by digital financial news site TheStreet, which found that two-thirds of consumers are concerned about the rise in credit card breaches. Also in the study, Forbes noted that 20 percent of consumers said they were more comfortable using digital wallets on their phones instead of credit cards.
CurrentC, while in trial mode, reported a hack earlier this week where some users' email addresses were stolen. MCX, the company that created CurrentC, recently held a call with press to discuss what is going on with the app and why certain retailers are not letting consumers use Apple Pay. The Verge reported that the press call "didn't explain much."
So far, retailers including Walmart and Best Buy have not adopted Apple Pay. Apple Pay links to whatever credit card a consumer likes, allowing them to pay with their new iPhones at many retailers. Forbes noted that consumers are hesitant about CurrentC because it links directly to consumers' bank accounts, "where fraud can cost a victim much more."
Forrester analyst Andras Cser, quoted in Forbes, said mobile payments are more secure in general than traditional forms of credit, "partially because they use encrypted or tokenized payment data, but also because app stores like iTunes and Google Play curate software to be virus and malware-free," the article stated.
Forbes cited a new a study by digital financial news site TheStreet, which found that two-thirds of consumers are concerned about the rise in credit card breaches. Also in the study, Forbes noted that 20 percent of consumers said they were more comfortable using digital wallets on their phones instead of credit cards.
CurrentC, while in trial mode, reported a hack earlier this week where some users' email addresses were stolen. MCX, the company that created CurrentC, recently held a call with press to discuss what is going on with the app and why certain retailers are not letting consumers use Apple Pay. The Verge reported that the press call "didn't explain much."
So far, retailers including Walmart and Best Buy have not adopted Apple Pay. Apple Pay links to whatever credit card a consumer likes, allowing them to pay with their new iPhones at many retailers. Forbes noted that consumers are hesitant about CurrentC because it links directly to consumers' bank accounts, "where fraud can cost a victim much more."
Forrester analyst Andras Cser, quoted in Forbes, said mobile payments are more secure in general than traditional forms of credit, "partially because they use encrypted or tokenized payment data, but also because app stores like iTunes and Google Play curate software to be virus and malware-free," the article stated.
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