Market Overview

A Little-Known Apple Pay Competitor Is Coming

A Little-Known Apple Pay Competitor Is Coming
Related AAPL
Tesla Takes Over Apple Territory (In Cupertino)
Fitbit U.S. Sales Down 28%; Can New Products Restore The Stock To Health?
Fitbit: Turnaround Story Or Falling Knife? (Seeking Alpha)

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.

Related Link: HBO Now Has Launched, But Does It Help Apple?

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

Jan 2017BarclaysDowngradesOverweightEqual-Weight
Jan 2017OTR GlobalDowngradesNegative
Jan 2017GuggenheimInitiates Coverage OnBuy

View More Analyst Ratings for AAPL
View the Latest Analyst Ratings

Posted-In: 7-Eleven Apple Pay best buy CurrentCAnalyst Color News Analyst Ratings Tech Best of Benzinga


Related Articles (AAPL + BBY)

View Comments and Join the Discussion!