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Thread: MCX Restricts its Merchants to its CurrentC Mobile Payment Solution

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    What's Jailbreak? Akshay Masand's Avatar
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    Default MCX Restricts its Merchants to its CurrentC Mobile Payment Solution


    Merchant Customer Exchange (MCX) partners including retail giants such as Walmart, CVS, Rite Aid and The Gap (among others) are contractually obliged to use the upcoming CurrentC mobile payments solution, a competitor to Apple Pay. The New York Times recently reported that MCX partners are forbidden from using alternatives such as Apple Pay, unless they want to incur high penalty fees for broken contracts.

    The report confirms previous suspicions of Apple Pay being denied by MCX merchants. Walmart commented on the matter yesterday stating that MCX has consumersí best interests in mind when denying Apple Pay and other mobile payment options.

    MCX is currently on the brink of rolling out its own mobile payment solution, CurrentC, an app-based solution which has been in development since 2012. The system generated unique QR codes for checking out and requires users to present their smartphone to a cashier. Alternatively the point of sale terminal may also generate a code which can be scanned by the customer. MCX is looking to bypass credit card network fees by linking directly to customersí bank accounts but the security implications of a system appear to be very sketchy. Along with the swipe fees, CurrentC also enables purchase tracking and processing for loyalty programs, coupons and special offers to help further boost MCX merchant sales.

    What the Cupertino California company on the other hand has been successful with is Apple Pay, which is anonymized and designed to work seamlessly with compatible POS terminals and doesnít share customer purchasing metrics with retailers. Facilitated through NFC technology, iPhone users can take out their handset and authenticate a purchase via Touch ID. Behind the scenes, an NFC module monitors for nearby terminals and sends over tokenized payment data without the need for additional user transaction.

    As of right now only the new iPhone 6 lineup is capable of performing in-store Apple Pay purchases. Touch ID equipped devices such as the new iPad models can make in-app purchases through the payment systemís online component. The next set of devices set to support Apple Pay will be the Apple Watch models which will be launching early next year.

    Source: The New York Times via AppleInsider

    Twitter: @AkshayMasand

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    Livin' the SPIDEY Life SpiderManAPV's Avatar
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    This program is almost as dumb as people who give their bank info to Walmart.

    ......beware......
    Just your friendly neighborhood Spider-Man!

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    Carvensno (2014-10-30)

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    Livin the iPhone Life Carvensno's Avatar
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    Quote Originally Posted by SpidermanAPV View Post
    This program is almost as dumb as people who give their bank info to Walmart.
    No kidding! I can see stuff happening in the first 3 months and the retailers realizing the mistake and having to pay the penalties fee's or going to court to get out of paying not realizing that the MCX system wasn't secure as thought to be.

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    SpiderManAPV (2014-10-30)

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    Expect this to go to court for anti-competitive practices (antitrust law in the US).

    US Antitrust Law.

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    Green Apple
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    The CEO of MCX also said, though, that retailers were free to break the contract anytime with no penalty - they'd only get fined if they didn't break the contract first before allowing something like Apple Pay. It's sad that so many retailers are standing behind an unreleased product rather than embracing a way consumers want to pay right now.

    I also wonder if, considering that Apple Pay uses standard NFC technology which is also embedded into credit cards as a supposedly more secure transaction than swipe, whether there's a case to go after anyone that has NFC technology that disabled it, since NFC isn't limited just to mobile platform payments...

    To rephrase my post from yesterday's MCX thread...

    MCX confirms CurentC email breach

    During this whole debate, MCX's data was hacked and email addresses of pilot test users of CurrentC were stolen!

    Yet MCX wants us to think... (from http://www.mcx.com/blog/answers-to-your-questions/):

    Users’ payment information is instead stored in our secure cloud-hosted network. Removing this sensitive information from the mobile device significantly lowers the risk of it being inappropriately disclosed in a case that the mobile device is hacked, stolen or otherwise compromised.
    So the company that just had all of its subscribers' email addresses accessed from their cloud wants me to believe their cloud is a more secure place for my personal data than a highly encrypted chip on my own personal device that I keep track of myself?

    MCX and all of the companies that are supporting it are being complete idiots and acting in such an anti-consumer manner, they have absolutely ZERO chance for success and are wasting their time... just partner with Apple Pay already.
    Last edited by PCYoda; 2014-10-30 at 04:03 PM.

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