Re: Unbelievable bias...
"I love how these "tech journalists" jumped right on board and said Apple Pay was going to be revolutionary, while knowing little to no details about HOW it works, then turn right around and trounce CurrenC, which isn't even implemented yet."
Did we read the same article? Where does the article "trounce CurrenC (sic)"? It seemed to me that Mr Zeman made a fair stab at comparing and contrasting the two approaches. If by trouncing you mean pointing out that CurrentC looks like it will - at least initially - require a phone to be unlocked, an app to be launched, a code scanned, then a code offered up for scanning, well that's what MCX says is happening. The part that's missing in most articles is that MCX also acknowledge that there's no reason why they can't use NFC for the transaction as well - but I guess their idea is that by making something that works on 80% of smartphones rather than just the iPhone 6, they're hitting a bigger market. And perhaps they are; in which case, why is Apple Pay such a threat to the retailers here?
"many will just not read because of the blatant bias of the article"
Are you kidding? The headline is pure troll bait; it'll suck 'em right in, if only to rant against Apple Pay ;-)
"These two companies are already in heavy competition and margins are low, so I don't blame them one bit for not wanting to lose 1%. Rite-Aid alone had retail sales of 25.4 billion, so 1% of that is 254 million. Sounds like a sound business move to me!"
On the surface what you say sounds right. What's curious though is the thought process that makes these retailers thing that by shutting out another solution, people will use theirs. From their own descriptions of CurrentC, I am struggling to see a benefit over just paying with a credit card - in which case they're losing those fees to the CC companies anyway. They're also fighting a reputational problem because retailers have gotten a very bad rap in recent years over data security, which is likely to be a real roadblock for people considering their service. And since I have an iPhone, I have zero reason to install CurrentC - so not only am I not using their system, but I'm likely to move all my business to somewhere that does accept Apple Pay.
That said, one thing that works out hugely in favor of CurrentC is that two weeks ago nobody knew who or what the heck "CurrentC" or "MCX" even was. Now pretty much everybody knows there's another payment system on the horizon, and you won't need an iPhone for it. So on the subject of free publicity, not needing an advertising wing, and bearing in mind the maxim that there's no such thing as bad publicity, CurrentC must be pleased as punch right now, and are probably breaking out the champagne for the heads of CVS and Rite-Aid. ;-)
All MCX / CurrentC need to do now is to not get hacked. Ah. Oops.