Apple Pay has the better technology but they lack the retail support to dominate. If you can't use Apple Pay almost everywhere, it's doomed. Some say that consumers will look to change where they shop based on their support of mobile payments but I have a hard time believing that. If anyone can pull this upset off it's Apple, but it will need the surrender of the largest retailers in the world who are fighting tooth and nail against credit card fees.
Good luck gaining consumer awareness of CurrentC in the first place.
Good luck getting consumers to download the CurrentC app vs. Apple Pay which will be built into every new iPhone model from this point on.
Good luck convincing consumers that holding up their iPhone with their thumb on TouchID is less convenient than:
- Pulling out your smartphone from your pocket
- Unlocking your smartphone
- Opening your CurrentC application
- Entering your 4-digit passcode
- Pressing the Pay button
- Either scannig the Secure Paycode that the cashier presents (default) or pressing the Show button at the bottom of your screen to allow the cashier to scan your Secure Paycode
- Selecting the payment account that you would like to use
- Pressing the Pay Now button
That's great that CurrentC is backed by a lot of big name retailers. But for mobile payments to catch on in the U.S., you need to satisfy multiple groups of players: consumers, merchants, credit card companies, and banks. Apple has solid backing by all four at launch time. CurrentC doesn't even have two.
Good luck with that.
UPDATE: CurrentC has already been hacked. LOL.