Most people have heard about Apple’s new Apple Pay, which is a sew service that allows you control your money digitally and through your smartphone. For those of you who haven’t heard about it can’t be surprised that Apple has created his produce and should also get out from the rock they’ve been living under.
Anyways, like all new technologies, other companies are making their own versions of new product to try and compete with it. In the case of Apple Pay, one rival is called CurrentC. CurrentC is a 3rd party program offers very similar services to Apple Pay.
The biggest worry about this new technology digital banking technology is that it is not going to be secure enough to keep customers’ money safe. This worry has come into fruition due to the fact that CurrentC has been hacked.
Apple’s competition being hacked probably sounds like a good thing for Apple. People are going to stop using CurrentC and start using Apple Pay, right?
I don’t think this is the case. I think that CurrentC being hacked is a big problem for Apple. Those people who were already apprehensive about the service’s security are going to be even more unlikely to start using any digital banking service because of this, regardless of its PayPal, Google Wallet or Apple Pay. This apprehension, combined the fact that iCloud was hacked and all those celebrity nude photos were leaked recently, is not going to help consumer adoption of Apple Pay.
I’m not sure what Apple is going to be able to do to reassure customers of their digital banking service’s security. Die-hard Apple fans are most likely not going to worry about the security and will start or continue using the service. However, getting new users might be difficult and Apple can’t rely solely on Apple users, especially when the service can be used by anybody, not just those with iPhones.
In my opinion, these companies are coming out with their products before they’re ready for the public to use them. To these companies, getting new products out in a timely fashion is clearly more important that the security of the product.
Obviously, it is too easy to hack into internet sites, services, pay systems and apps and this should be addressed.
Fox News Corporation., & Jose Pagliery. (2014, October 29). Apple Pay rival CurrentC just got hacked. Retrieved from http://fox2now.com/2014/10/29/apple-pay-rival-currenc-just-got-hacked/