Apple Pay vs. CurrentC: The battle for the US mobile wallet

Apple Pay vs. CurrentC: The battle for the US mobile wallet

Code: ML-ML00019-023 | Published: Jul-2015 | Pages: 22 | MarketLine
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In September 2014, Apple announced the Apple Pay mobile payment service, which would allow consumers to pay for goods wirelessly in shops using their new iPhones. This represented a further movement of the technology into the mainstream. However, attempts have been made by MCX, a consortium of retailers, to topple Apple in the US mobile payment market with its own alternative, CurrentC.



Key Findings
- Assesses the strategic and commercial objective of both Apple Pay and CurrentC.
- Identifies the key aspects of Google, Samsung and PayPals operations in the mobile payment sector.

Reasons To Buy
Why has Apple decided to enter the mobile payments sector with Apple Pay?
Why has CurrentC made such a storm in the press since its announcement?
Will Apple Pay or CurrentC be able to kill the other system off in order to become the mobile payment system of choice?
Do the operations of Google, Samsung and PayPal pose a threat to either Apple Pay or CurrentC?

Table of Contents

OVERVIEW
Catalyst
Summary
APPLE PAY MAKING MOBILE PAYMENTS MAINSTREAM
Apple Pay announced alongside new iPhones, proves popular
Apple Pay aims to ensure security and privacy
NFC technology potentially limiting in the US
Apple Pay expands the appeal of the wider Apple ecosystem
Apple has the backing of leading US financial institutions and retailers
CURRENTC CHALLENGING FOR MOBILE PAYMENT DOMINANCE
CurrentC was created by retailers for retailers
Coupons and loyalty programs aid retailers in CRM big data analytics
Payment system allows retailers to dodge transaction fees
CurrentC technology not advanced but supports widespread availability
MCX partners have disabled NFC in stores
CurrentC security and brand image impacted by data breach
OTHER KEY COMPETITORS IN MOBILE PAYMENTS
Android Pay is Googles second bite at the apple
Samsung Pay compatible with existing point-of-sale terminals
PayPal also active in mobile payments
Consolidation a key trend in mobile payments
Google acquisition of Softcard technology removes barrier to market
Samsungs acquisition of LoopPay gave it key technology
PayPal acquires Paydiant to boost mobile wallet scale
CONCLUSIONS
Apple Pay has momentum, but rival services will benefit from tailwinds
APPENDIX
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