- Nov 15, 2013
There's been a bit of a tizzy recently after several US retailers [dropped support for NFC payments[(http://www.imore.com/cvs-stores-rumored-be-ending-nfc-payments-which-will-end-apple-pay-support) in an effort to thwart Apple Pay, and the nation's largest retailer has chimed in with their own explanation as to why they did so. The retailer is Walmart, and they're the leading force behind the competing CurrentC payment system developed by the Merchant Customer Exchange (MCX). Our own Nick Arnott did some digging into what the CurrentC app transmits and came away unsettled. To recap, CurrentC cuts out the credit card company, instead linking directly into the checking accounts of users and offering a QR code to scan at participating retailers. Apple Pay, meanwhile, uses a combination of NFC, Touch ID authentication, and a tokenized one-time-use card number generator hooked up to the user's credit card accounts to make payments.
Full story from the iMore Blog...