Tim Cook said, in a recent interview with The Wall Street Journal, that Apple Pay has become the number one NFC payment method preferred by users according to Visa and MasterCard holders and the Cupertino firm achieved this feat even though Apple Pay is more than just a week old.
“Visa and MasterCard. We talked to these guys today, and they told us that if you sum up everyone else that’s in contact-less mobile payments at the point of sale, we’re already number one. We’re more than the total of the other guys.”
Apple Pay is currently available on the iPhone 6 and the iPhone 6 Plus only but can be used in both US and international merchants/establishments as long as users have access to a United States issued credit card fort activation. In spite of this, Apple’s main man added that more than a million credit cards were registered with Apple Pay during the first three days of its debut.
Though Apple Pay seems very popular with the masses, it seems that some sellers, like Best Buy, CVS, Rite Aid and Walmart, are not that eager to join the bandwagon and would rather have their own smartphone-based payment system instead.
CurrentC, from Merchant Customer Exchange (MCX), is the system presently used by the mentioned sellers/retailers but MCX maintained that they are not forcing these members not to use Apple Pay and that there are no fines applied if a merchant decides to leave the group. CurrentC’s system is not based on NFC; instead the system used QR Codes which customers scan using their smartphones and once scanned payment is consummated via CurrentC payment terminal which in turn scans the QR Code from the smartphone to get the user’s credit info. Unlike Apple Pay, the user’s credit info is store and tracked in MCX’s cloud storage. The download to this system is that security is very vulnerable and just recently, a notice on MCX’s own website revealed that some unauthorized parties were able to hack their system – stealing an unmentioned number of users’ email addresses and other vital information.
Quoting Tim Cook on Apple Pay’s security and privacy features:
“We’re not Big Brother. We’ll leave that to others.”