As I was writing yesterday about my initial experiences with Apple Pay.

On the tail of that I learned on Thursday or Friday that there’s a bunch of NFC-compatible terminals that are being turned off by various merchants that are trying to do an end run around the credit card companies. This affects not just Apple Pay, but also Google Wallet, Microsoft phones, and any credit card that is capable of carrying out an NFC transaction.

So, what’s the deal with CurrentC?

Well, they have made a bodged up product that uses QR codes and your checking account to get your cash.

This is the most ludicrous thing I’ve heard in a while!

Why?

The biggest thing is that any time you’re making a transaction using something with a Visa, MasterCard, American Express, or a host of other logos on it you are being indemnified by the banks against fraud. If, as is commonly happening lately, your merchant’s back-office systems are hacked and they steal all your credit card information, you are not on the hook for transactions that you did not authorize.

With this CurrentC bullshit they want to link directly to your checking account. Instead of going through the credit card networks they want to do direct ACH transactions against your checking account.

So, what happens if they get hacked?

Well, all the money from your checking account can be taken.

Unlike a credit card, you’re out that cash until the back decides it’s not your fault. What will you do until then? You, now penniless schlub.

Lets say your bank decides you’re not to blame. Instead of changing a token on your phone or your credit card number, you now have to change the number that you never really change: your checking account number.

Thanks, but no thanks.

If you decide you’re only going to take my checking account, you can be certain that I’ll take my business elsewhere. Be that using Google Wallet, Apple Pay, or whatever else that happens to be in my wallet.

Idiots.