Steven Goransky, Staff Writer
Electronic payment systems have changed the world, and Peer-to-Peer payments are changing it further. Peer-to-peer, aka P2P, transactions are as easy as a text message on your smart phone.
Apple technology is always cutting edge and Apple Pay is one of the leading mobile payment systems. One peer can give or receive a payment by just being inside of a three-foot proximity of the second peer, or from the other side of the world while online. In the future, it is entirely possible that Peer-to-Peer payment systems will replace cards and cash all together.
Apple Pay is not the only company innovating with P2P systems. Another top mobile payment software, called CurrentC, is challenging retailers to take a different approach. CurrentC will be linked to a consumer’s debit account, and retailers won't pay fees per transaction.
Walmart, CVS and Rite Aid have rejected the Apple Pay system. They claim they are still considering mobile payment options, but are rumored to be leaning towards CurrentC. However, Nike, McDonalds, Panera Bread, Walgreens and 16 other companies accept Apple Pay at this time.
The Apple Pay service is only available in the United States at this time, but it is planned to go global very soon.