CurrentC – why this mobile payment solution is everything but an Apple Pay competitor

In case you’re wondering what the name means: I guess it is derived from from ‘currency’. Currency - CurrentC. I thought first that the first C and the last C are supposed to merge into ‘CC’, which is usually an abbreviation for credit card. Anyway it is not likely to be a catchy name outside the English-speaking world.

Disclaimer: while I was able to test Apple Pay myself and so write about it from my own experience, this article is written only based on knowledge gained from various sources on the Internet, dealing with CurrentC. CurrentC is only available to a select few for the time being.

Let’s have a look at the four areas which illustrate how CurrentC works.

Two from the customer’s point of view, two from an expert point of view.
1. Paying with CurrentC from the customer’s perspective
2. The registration process from the customer’s perspective
3. What happens in the background – part 1 – when a customer registers?
4. What happens in the background – part 2 – when a customer pays for something?

Here you can see how Apple Pay works, in case you want to compare.

1. This is how you can use CurrentC in your daily life.

CurrentC_1_E

In order to pay with CurrentC, you have to 1. Unlock your phone, 2. Open the app, 3. Enter your 4- digit Passcode, 4. tap the PAY button, 5. open scanner and Scan code (or enter a code manually) OR 5. tap the SHOW button and allow the cashier to scan your Passcode.

Show it to the cashier. Really.

Apple Pay – Why customers, privacy advocates and Apple are going to love Apple Pay

Elevator pitch:
Apple Pay enables customers to pay with their mobile phone, by simply placing their iPhone close to a NFC terminal and by authorising the payment with their fingerprint. Apple Pay serves as a wallet for organizing several credit and debit cards.

apple pay

Customers and users will love Apple Pay, because they can pay for what they buy with a fingerprint.
Privacy advocates are going to love it because no credit card data or customer data will be going back and forth during the regular payment process.
Apple is going to love Apple Pay because they will collect a small fee for every transaction, and because they don’t have anything to do with their customers’ personal data or payment data.

If we want to understand Apple Pay, we have to look at four different areas:
Two from the customer’s point of view, two from an expert point of view. If you are interested in the details, please see the lower part of the article.

1. Paying with Apple Pay from the customer’s perspective, because that is all customers get to see in their daily usage.
2. The registration process from the customer’s perspective, for this is the basis for Apple’s cooperation with banks.
3. The Magic behind Apple Pay, Part 1: What happens in the background when a customer registers?
4. The Magic behind Apple Pay, Part 2: What happens in the background when a customer pays for something?

1. This is how you use Apple Pay in your daily life.

Apple Pay_Using it