CurrentC, the mobile payment app developed by Merchant Customer Exchange (MCX), is no longer the answer that the retailers hoped it would be when they formed the consortium in 2012. In fact, as of yesterday, CurrentC has been put on indefinite if not permanent hold.
In a statement published on TechCrunch, MCX CEO Brian Mooney said, “Utilizing unique feedback from the marketplace and our Columbus pilot, MCX has made a decision to concentrate more 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.”
Last October, JPMorgan Chase announced it had reached an agreement with MCX for retailers involved in the group to accept its Chase Pay mobile payment app. Chase Pay, which uses QR codes rather than Near Field Communications tech, promises to lower costs, limit liability and increase the speed of customers through the checkout.
In other mobile payment news, Walmart announced the rollout of Walmart Pay to 500 stores in Arkansas and Texas. The app, which was launched in December, also makes use of QR codes to enable payments through iOS and Android devices.
Image source: Walmart video