What is the proper way to store steak at home?
The discolored surface is a product of oxidation, the same thing that happens when you leave apple slices in the open air. Oxigen is a highly reactive molecule and it binds to anything it can find, in this case your steak.

It is not rotten or unsafe to eat in any way, it just has an unpleasant color/texture when raw. Meat packaging is often filled with carbon dioxide, and since the oxygen is already binded to carbon it no longer reacts with the steak. The side effect of this is that your steak could have gone bad, but it still looks good. The pad just collects any fluid that might  drip off the steak, again for aesthetic purposes.

I'd suggest to remove the wax paper and shrinkwrap it, this will prevent it from oxidizing.