“A more secure way to pay. CurrentC will provide a more secure payment experience than traditional methods by storing users’ sensitive financial information in its cloud vault rather than locally on the mobile device. Furthermore, the application uses a token placeholder to facilitate transactions instead of constantly passing the data between the user, merchant and financial institution.”
http://www.nfcworld.com/2014/09/03/331179/retailer-owned-payments-venture-mcx-unveils-currentc-brand/ By the way, Apple does get a small portion of the transaction, but it's also responsible for the portable fingerprint authentication system and ApplePay environment. However, it's getting its cut from Visa/MC/Discover/AmEx and not the vendors.
There is an encrypted area in the A8 chip that securely holds sensitive information, in case you were curious.
There is an encrypted area in the A8 chip that securely holds sensitive information, in case you were curious.
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From my layman - albeit a Cynical one - point of view, I seem to think that if a ‘man’ made it, a ‘man’ can open it.
About the only way my ‘Crypto’ mind sees it working is if you program and encrypt it yourself.
Like they say the ONLY way for 3 people to keep a secret is to ‘kill’ two of them. <: <: