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A Little-Known Apple Pay Competitor Is Coming

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A Little-Known Apple Pay Competitor Is Coming
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In a report issued Wednesday morning, J.P. Morgan analyst Rod Hall provided his daily update on the tech world. Among a few pieces of news, he highlighted the upcoming arrival of CurrentC, a little-known competitor of Apple Inc. (NASDAQ: AAPL)'s Apple Pay.

The service will launch in the next few months, but still very few details are known. Analysts expect it to merge payments and loyalty benefits, while offering retailers "additional insight into the spending habits of customers who are members," the report says. Even less is known about the benefits CurrentC will offer clients.

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Last year, the company began a small-scale trial.

CurrentC is currently being tested in several undisclosed markets around the U.S. However, its use is restricted to employees of member retailers including Wal-Mart Stores, Inc. (NYSE: WMT), 7-Eleven, Dunkin Brands Group Inc (NASDAQ: DNKN), Sears Holdings Corp (NASDAQ: SHLD), Best Buy Co Inc (NYSE: BBY), Exxon Mobil Corporation (NYSE: XOM) and Gap Inc (NYSE: GPS).

For the time being, analysts at J.P. Morgan anticipate a neutral impact on Apple.

They see CurrentC as "a non-starter given the need to have a special app to make payments (which has to be opened at the register)."

Latest Ratings for AAPL

DateFirmActionFromTo
Jul 2017Morgan StanleyMaintainsOverweight
Jun 2017MizuhoDowngradesBuyNeutral
Jun 2017Pacific CrestDowngradesOverweightSector Weight

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