The Verge writes:

…a significant number of merchants, including heavyweights like Walmart, Kmart, 7-Eleven, and Best Buy, are in outright competition with Apple Pay. The retailers, through a joint venture formed in 2012, are building their own mobile payment app, called CurrentC. It’s expected to launch next year. In the meantime, these retailers have no intention to support Apple Pay.

Hooray! A whole new set of mobile payment standards.  And you know what they say about standards.

Meanwhile, not a single bank backs CurrentC. That’s because the system is designed to cut out the middleman — and credit card processing fees. The app, when it launches next year, won’t replace your plastic credit card. Instead, it will withdraw directly from your checking account when you pay at the cash register with a QR code displayed on your Android or iOS device.

Okay, two things:

  1. Why the fuck would I want to give these retailers direct access to my checking account, especially after the number of stories about POS system hacking in the last year?
  2. QR codes?  Fucking QR codesAre you serious?  Was this system devised in 2006?  (answer: probably)

I don’t expect everyone to welcome Apple with open arms just because they finally jumped on the NFC mobile payments train, but can’t we at least all agree that having NFC readers that charge our credit cards is infinitely better than using QR codes to directly withdraw money from our checking accounts?  I want as many barriers between my money and these security-backwards retailers as possible; the last thing I want is the only barrier between them and my money to be a glorified bar code.