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  • MCX postpones Apple Pay Competitor called CurrentC
    Merchant Payment Consortium, also known as MCX, was apparently the prime candidate to build an Apple Pay competitor, but apparently thatís not how itís going to go down after all.


    MCX CEO, Brian Mooney has confirmed that despite previous efforts, the consortium will be postponing its roll out of its mobile payment option, CurrentC, for the foreseeable future. TechCrunch reports that based on feedback provided to MCX via the limited pilot program, itís not an option to expand on a national scale.

    ďUtilizing unique feedback from the marketplace and our Columbus pilot, MCX has made a decision to concentrate mode heavily in the immediate term on other aspects of our business including working with financial institutions, like our partnership with Chase, to enable and scale mobile payment solutions. As part of this transition, MCX will postpone a nationwide rollout of its CurrentC application.Ē

    Moving forward, MCX will layoff 30 employees as it prepares to slimline its future effort. That will consist of focusing on business partnerships, primarily with financial institutions that the consortium has put together over the years.
    CurrentC was profiled way back in 2014, and the aforementioned trial run was launched in 2015. The mobile payment option really only saw attention for the companies that took part in the merchant payment consortium, and didnít plan on accepting Apple Pay as a means for customers to check out. Most of those contracts with companies like Walmart, Best Buy, Rite Aid, and many others ran out in 2015, though, and as a result many of them switched their tune and now allow Apple Pay to be used by customers.

    That began with Best Buy offering Apple Pay support in its app for purchasing products, and a retail rollout happening later in the year, and Rite Aid following suit several months later. Even Walmart has apparently ditched its attention on CurrentC, but instead of adopting Apple Pay has decided to launch Walmart Pay, which it began rolling out in a major way today.

    If CurrentC would have taken off, the benefits for the companies would have been pretty clear, considering it would have allowed companies to view purchases made by customers via the mobile app, something thatís not available via Apple Pay. It also would have meant customers would have had to scan QR codes to make purchases.

    [via TechCrunch]
    This article was originally published in forum thread: MCX postpones Apple Pay Competitor called CurrentC started by Caiden Spencer View original post
    Comments 9 Comments
    1. NSXrebel's Avatar
      NSXrebel -
      Lol.
    1. SpiderManAPV's Avatar
      SpiderManAPV -
      Thus dies CurrentC.
    1. NSXrebel's Avatar
      NSXrebel -
      Quote Originally Posted by SpiderManAPV View Post
      Thus dies CurrentC.
      It was DBA. Dead before arrival.
    1. SpiderManAPV's Avatar
      SpiderManAPV -
      Quote Originally Posted by NSXrebel View Post
      It was DBA. Dead before arrival.
      It was a terrible product and worse execution, but I thought it might succeed just from all the money pushing it.
    1. Purple Minion's Avatar
      Purple Minion -
      Quote Originally Posted by SpiderManAPV View Post
      It was a terrible product and worse execution, but I thought it might succeed just from all the money pushing it.
      So did I.

      I'm very glad it's dead. Unlike Apple Pay, your personal information and credit card number were stored in their system. We know how secure that is, don't we? I've had my credit card number stolen twice in the past few years. With the Internet, it seems like fraud is running rampant. I'd use Apple Pay for that reason alone if it were available everywhere.
    1. SpiderManAPV's Avatar
      SpiderManAPV -
      Quote Originally Posted by Purple Minion View Post
      So did I.

      I'm very glad it's dead. Unlike Apple Pay, your personal information and credit card number were stored in their system. We know how secure that is, don't we? I've had my credit card number stolen twice in the past few years. With the Internet, it seems like fraud is running rampant. I'd use Apple Pay for that reason alone if it were available everywhere.
      Worse. They didnít store your credit card info, they store your actual bank routing information. Totally secure, right!
    1. Purple Minion's Avatar
      Purple Minion -
      Quote Originally Posted by SpiderManAPV View Post
      Worse. They didn’t store your credit card info, they store your actual bank routing information. Totally secure, right!
      Wow! That's absurd. Thank goodness it failed.
    1. Zokunei's Avatar
      Zokunei -
      Quote Originally Posted by SpiderManAPV View Post
      Worse. They didnít store your credit card info, they store your actual bank routing information. Totally secure, right!
      What's different between that and PayPal?
    1. SpiderManAPV's Avatar
      SpiderManAPV -
      Quote Originally Posted by Zokunei View Post
      What's different between that and PayPal?
      Well, for one, I pay for paypal purchases with my card. Second, paypal offers security and fraud protection and will pay you back if anything goes wrong. Third, I have to approve any payment made, not just have a code anyone can take or use.