http://appadvice.com/appnn/2014/10/apple-pay-being-shut-out-by-retailers-in-favor-of-upcoming-currentc-mobile-payment-platformBut as noted by The Verge, CurrentC is not backed by any bank:
That’s because the system is designed to cut out the middleman — and credit card processing fees. The app, when it launches next year, won’t replace your plastic credit card. Instead, it will withdraw directly from your checking account when you pay at the cash register with a QR code displayed on your Android or iOS device. Or you can pay with gift cards and “select store debit and credit cards” (read: just the ones issued in partnership with CurrentC backers). In exchange for not using your credit card, the retailers plan to offer exclusive coupons and promotions to those who use the app.
Seems to me that CurrentC would decrease transaction fees while ApplePay increase it. No wonder retailers are against ApplePay. Bitcoin too would be welcomed, given its low transaction costs.
