Customers Concerned about Security in CurrentC vs. Apple Debate

Customers are worried about the safety of their banking information

• By Matt Holden
• Oct 30, 2014

According to a new study, two-thirds of consumers are concerned about their financial data being stolen at retailers. A lot of this concern comes from the proposal of CurrentC, a mobile payment system being proposed this week by more than 50 retailers.

These retailers, such as CVS, Rite Aid, Walmart and Best Buy, have turned down the ability to use the new Apple Pay technology in order to offer the new payment app in 2015. Consumers are upset that the app is linked to their individual bank accounts, meaning fraud could be much more damaging than Apple Pay which uses credit cards.

This came to a head this week when hackers broke into CurrentC and stole user emails. CurrentC will also be able to see what the shopper bought, as well as know their name, home address, email, phone number and location.

Two-thirds of consumers are concerned about the rise in credit card breaches, such as last year’s at Target and Home Depot, and have adjusted their shopping habits accordingly.

20% said they were more comfortable using digital wallets instead of credit cards, and 61% of the 18- to 24-year-old demographic said they would prefer to use cash in stores that have had security breaches. 49% of those 65 and older said they would switch to cash as well.