Ken Segall, a creative director who worked closely with Steve Jobs at Apple and Next, gives his take on the CurrentC vs Apple pay debacle:
[su_quote] more I read about the CurrentC consortium and its challenge to Apple Pay, the more I scratch my head.
Most critics of CurrentC (and there are plenty) are slamming it because of its technology, security or ease of use. However, what I find most disturbing is the obvious motivation for CurrentC — and the obvious end result if the consortium should realize their dreams.
The bottom line is that people can tell whether a company is acting in the customers’ interest or its own self-interest. Which isn’t good news for CurrentC.[/su_quote]
Tim Cook said as much when told the audience at Apple’s September Keynote event that “most people that have worked on [mobile payments] have started by focusing on creating a business model that was centered around their self-interest instead of focusing on the user experience.”
Kengall also explains that while Apple and the Retailers are set to profit from the uptake in mobile payment, Apple Pay will be more beneficial to consumers in the long run:
[su_quote] CurrentC isn’t a savings plan for customers — it’s a new profit center for retailers, with a candy-colored shell to help it go down smoother.
But wait, you say! How can I possibly slam retailers for padding their bottom lines with CurrentC when I’m okay with Apple adding billions in profits via Apple Pay?
In this world, one earns a profit by providing a valuable service. Apple Pay makes in-store purchases totally simple, and it doesn’t cost customers a dime. It’s the credit card companies who will foot the bill, because Apple Pay makes it easier for customers to use their cards. So everyone wins. Customers get a better experience, credit cards become more convenient and Apple makes a profit for making it all possible.[/su_quote]
It is hard to disagree with that.