CurrentC gets put on a shelf by MCX
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.
- MCX postpones rollout of Apple Pay rival CurrentC, lays off 30, will focus on bank deals – TechCrunch
- Chase Pay gets boost from retailers in mobile payment race – RetailWire
- MCX: The future of mobile payments – RetailWire
- Walmart jumps into mobile payment fray with Walmart Pay – RetailWire
Image source: Walmart video
DISCUSSION QUESTIONS: What does the suspension of CurrentC and the rollout of Walmart Pay say about the future of mobile payments? Do you see QR codes or near field communications emerging as the preferred technology for mobile payments?