This Week In Business: Notoriously Known Apple
What Ignited It All: Apple Pay
The Newfound War
Aside from the seemingly increasing disappointment for their improvement of technology, Apple has launched a new software that has made what seems to be a comeback in the technology industry. Although their new IPhone and Apple Watch may just seem like the basic IPhone model on new size scales, Apples' new "Apple Pay" may stand a fighting chance against the CurrentC system. Apple has gotten itself into a war that has yet to lean to either side.
This newfound war that Apple has gotten mixed up in appears to be with Merchant Customer Exchange (MCX). Both of these leading programs have promising advances to bring into the market; however, their consumers (merchants) seem to be favoring the CurrentC system. The major blow that comes with Apple Pay is the fact the the customers payments are kept private. That means merchants will not be ale to track their card information and gain an insight of what their customer base is interested in.
The Promising CurrentC
How The Two New Systems Operate
Both Apples' and MCXs' paying system are impressing the general public. The main message of the two fierce companies is the idea of the smartphone becoming the new wallet. While the two systems are still in the process and improvement, here is the way they are looking to turn out.
CurrentC- CurrentC is going to come out as an app that will have to be opened to make a purchase. Although CurrentC will share information to merchants, it will be more secure for the customer by offering passcode, QR code, and cloud protection. For each purchase, the customer will enter their four digit passcode for their personal account, scan the unique QR code for the purchase and be off on their way.
Apple Pay- The more convenient process requires less effort from the customer. The four step process includes; the customer touching his/her finger on the Touch ID. Then waving the phone near the NFC device and lastly, approving the payment.
While both of these systems have their advantages and disadvantages, it can easily be seen that they will require improvements.
Even More Drama
The clash between Apple and MCX is not the only drama in this particular business world. Although Apple is in the lead with 220,000 locations accepting their system and 110,000 locations accepting the CurrentC systems, they seem to be also going to battle with Rite Aid and CVS. The two major retail pharmacies have confirmed their blockage of Apple Pay. The two retailers used the system for the first two days but along with confirming their blockage, they also released news of their own similar system they are working on.