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Started By
Message
CurrentC, still months away from launch, has already been hacked
Posted on 10/29/14 at 10:43 am
Posted on 10/29/14 at 10:43 am
LINK
quote:
People who signed up to use CurrentC, the mobile payment solution offered by a consortium of retailers, received emails warning them "that unauthorized third parties obtained the e-mail addresses of some of you."
Here's the email from CurrentC...
4
Posted on 10/29/14 at 10:59 am to colorchangintiger
But but but...we here at RiteAid, CVS and WalMart have the customer's best interest in mind 
What a joke. Who didn't see this happening? It's only a matter of time before CC and bank account numbers and corresponding SSNs get leaked.
What a joke. Who didn't see this happening? It's only a matter of time before CC and bank account numbers and corresponding SSNs get leaked.
Posted on 10/29/14 at 11:46 am to ZereauxSum
quote:
Who didn't see this happening?
They were talking about it on the TWIT podcast this week and apparently the reason WalMart created this was just to hurt visa. The quote attributed to WalMart's CEO was literally along the lines of "We don't care if it's ever successful, we just want it to hurt Visa."
Posted on 10/29/14 at 1:42 pm to colorchangintiger
That's if Apple and Google don't pull it in retaliation for the merchants turning off NFC in their stores.
If I were them I would wait until the official launch and snatch it that day.
If I were them I would wait until the official launch and snatch it that day.
Posted on 10/29/14 at 1:55 pm to TigerinATL
quote:
"We don't care if it's ever successful, we just want it to hurt Visa."
Much as I disdain WalMart for so oh many reasons; I have to say it must be orgasmically delightful to have so much money you can tell a company as large as VISA to go F off just cause you want to.
This post was edited on 10/29/14 at 2:00 pm
Posted on 10/29/14 at 2:45 pm to TigerGman
quote:
Much as I disdain WalMart for so oh many reasons; I have to say it must be orgasmically delightful to have so much money you can tell a company as large as VISA to go F off just cause you want to.
They may want to hurt Visa, but if CurrentC is their weapon they will fail miserably.
This is literally like bringing a feather duster to a gun fight.
Posted on 10/29/14 at 2:48 pm to TigerGman
quote:
I have to say it must be orgasmically delightful to have so much money you can tell a company as large as VISA to go F off just cause you want to.
But that's just it, they're not telling VISA to go F off. Sure, they are doing it to take money and power away from CC companies, but if they really wanted to tell them to F off, they would stop accepting credit cards.
Posted on 10/29/14 at 2:54 pm to colorchangintiger
quote:
they would stop accepting credit cards.
Now THAT would be fun to watch.
And the scramble to re-implement CCs after their revenues fall 50%, followed by the tripping over themselves to apologize for being idiots would be even better.
Posted on 10/29/14 at 3:26 pm to colorchangintiger
quote:
if they really wanted to tell them to F off, they would stop accepting credit cards.
Exactly, the fees they pay are well worth it considering the sales they generate by accepting credit cards, or else they would have stopped accepting them long ago. This is Walmart trying to squeeze another 2% under the guise of helping consumers by painting Visa as the bad guy that raises prices.
Posted on 10/29/14 at 3:33 pm to Korkstand
quote:
Walmart trying to squeeze another 2%
Well as their operating margins are just above 3%, that 2% is significant. I mean what would you do if 40% of your profit was being eaten?
ETA: Seems like apple pay would develop a reward system through the retail stores if the user used debt card vs credit.
This post was edited on 10/29/14 at 3:35 pm
Posted on 10/29/14 at 3:37 pm to C
quote:
Well as their operating margins are just above 3%, that 2% is significant. I mean what would you do if 40% of your profit was being eaten?
I know Walmart isn't the only company in the consortium, but they make it up in volume. Also, going by Walmart's history, what do you think is going to happen when/if this works? They're not going to reap profits from this, at least initially. They're going to cut their prices even lower in order to squeeze even more competition out of the market. Then they'll raise price again.
Posted on 10/29/14 at 3:40 pm to colorchangintiger
I would LOVE if Apple and Google yanked CVS, Wal Mart and the rest of these bullshite retailers apps for their app stores.
Posted on 10/29/14 at 3:42 pm to C
quote:
Seems like apple pay would develop a reward system through the retail stores if the user used debt card vs credit.
Retailers can already give their customers the option of installing their rewards cards in Passbook. Every time I go to Kroger, Passbook puts my shoppers card on the lock screen via geofencing.
This post was edited on 10/29/14 at 3:42 pm
Posted on 10/29/14 at 3:45 pm to colorchangintiger
quote:
Then they'll raise price again.
what have they raised prices on? And with competition from hoards of other retailers, I don't see them being able to do this.
But we're getting off topic. Walmart and other retailers see the 2% as a tax on each purchase and are looking for a way to reduce it. Apple pay doesn't inherently do this for them.
Posted on 10/29/14 at 3:48 pm to C
quote:
Walmart and other retailers see the 2% as a tax on each purchase and are looking for a way to reduce it. Apple pay doesn't inherently do this for them.
Neither do the credit cards, which are and will still be used by a majority of people for a long time to come. They want to reduce it? They should put their money where their mouth is.
Posted on 10/29/14 at 4:01 pm to C
quote:It's not 2% of all sales, only 2% of credit card sales. The only number I've found says 15% of Walmart's sales are via credit card. But let's estimate high and say 50% of their sales are credit card sales. So it's more like 25% of their profits are "eaten". But how much of that revenue would not exist if they didn't accept cards? Would half of those paying via credit card shop elsewhere? Would you prefer to make 3% of $1, or 4% of $.75? It's 3 cents either way, right? Dangerous game to play trying to estimate how much business you will lose by not accepting credit cards.
Well as their operating margins are just above 3%, that 2% is significant. I mean what would you do if 40% of your profit was being eaten?
The bottom line is, it's not the percentage that matters. The only thing that matters is dollars earned per unit time, and it seems pretty clear that accepting credit cards increases Walmart's profits, even after paying the fees.
Posted on 10/29/14 at 4:07 pm to Korkstand
quote:
it seems pretty clear that accepting credit cards increases Walmart's profits, even after paying the fees.
Not arguing that. Simply stating that walmart would like to drive other forms of transactions by the customer. Apple Pay likely does the opposite.
quote:
The only number I've found says 15% of Walmart's sales are via credit card
That really surprises me. But likely accurate.
Posted on 10/29/14 at 4:10 pm to colorchangintiger
quote:
They should put their money where their mouth is.
You mean like coming up with their own transaction system that customers want to use...
And CurrentC isn't the answer in the current form. But that's all they're trying to do. I'm confident that they'll fail and end up using NFC. From whats been posted, legally they can't allow NFC without paying huge fines.
Posted on 10/29/14 at 4:11 pm to Korkstand
quote:
The only number I've found says 15% of Walmart's sales are via credit card
i believe it. they make it difficult to use a CC..it tries to make you use debit and often you need to have the clerk key in your card if you want to use it as a credit card instead.
eta on principle i make them run it as credit because i'm an a-hole.
This post was edited on 10/29/14 at 4:12 pm
Posted on 10/29/14 at 4:18 pm to C
quote:At Walmart's size, they can, and do, lower prices to break even or even take losses locally in order to squeeze out other local retailers and grocers. After eliminating competition in the local market, their prices go up to profitable levels.
And with competition from hoards of other retailers, I don't see them being able to do this.
They can also afford to play accounting games like renting buildings from themselves in order to lower their taxes by shifting where they earn money. They aren't alone in this, but it is an unfair advantage huge companies have over small local competition.
quote:Honestly, I'm pretty sure Walmart recognizes they are paying that 2% in order to acquire customers and sales, and that it's worth it. Obviously, they would prefer to get those sales for nearly free, so instead of being thankful to Visa for decades of increased revenue, in typical Walmart fashion they prefer to play this bullshite game of squeezing money from everyone else. They pull similar shite when sourcing fruit and vegetables from local farmers, making them jump through hoops to increase production only to frick them over on terms or technicalities in the contracts.
Walmart and other retailers see the 2% as a tax on each purchase and are looking for a way to reduce it.
If it isn't obvious, I have little respect for Walmart and their business ways.
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