Apple Pay and CurrentC (MCX) are just the hired guns in the wild-west showdown going on. The real fight at the mobile payments corral is between the card networks and retailers.
To quote from Business Insider:
In fact, Ron Shevlin, a retail banking analyst, says he asked former Wal-Mart CEO Lee Scott why MCX could succeed when so many other consortia had failed. Scott’s answer tells you a lot about CurrentC, and MCX. He said: “I don’t know that it will, and I don’t care. As long as Visa suffers.”
Retailers have a legitimate beef with the networks. They believe value the networks create does not match the variable cost interchange brings to a retailer’s bottom line. It could be argued that interchange is artificially high thanks to tremendous barriers to entry and lack of competition. MCX is an investment by read more