CurrentC is not for the user's benefit. It's for the merchant's benefit so that they can avoid the fees that MC/Visa charge them for handling the transaction. I don't see anything in this deal that benefits the consumer. For example, you will no longer have any charge back protection. If the item you purchased turns out to be a brick in a box you will be at the merchant's mercy to transfer the funds back into your account at some point. Meanwhile that money is just gone.
The user interaction in the transaction flow is also hideous.If you disagree, take a look at the example transaction flow that they display on their site.
Here's how it looks like it works:
- Take out your phone,
- Enter your phone's password
- Launch the payment app
- Enter the app's PIN
- Take a picture of the QR code that the register displays
- Hope you have cellular signal
- Get a QR code back
- Let the clerk scan the reply code
- Put you phone away
- Receive your merchandise
Compare that to NFC
- Take out your phone,
- Tap the NFC pad with your phone
- Enter the app's PIN
- Put you phone away
- Receive your merchandise
I'm sorry but that dog won't hunt.