MCX Postpones Rollout of Apple Pay Rival 'CurrentC'

currentc_phoneApple Pay competitor Merchant Payment Consortium, aka MCX, has decided to postpone the rollout of its CurrentC payments platform following feedback from its pilot program. MCX will be downscaling and laying off 30 employees as it transitions to focusing on business partnerships with financial institutions instead of building out CurrentC.

MCX CEO Brian Mooney announced the news in a statement today, which was shared by TechCrunch.

Utilizing 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.

As MCX has said many times, the mobile payments space is just beginning to take shape -- it is early in a long game. MCX's owner-members remain committed to our future.

As a result, MCX will need fewer resources. This change has resulted in a staff reduction of approximately 30 employees. These are very tough decisions, but necessary steps.

MCX, a consortium of merchants like Walmart, Best Buy, CVS, Rite Aid, Target, Lowe's, and more, has been working on the CurrentC payments platform since 2012. Given that it was backed by multiple high profile retailers, it was believed CurrentC could be a major Apple Pay competitor, but over the past two years, it has not moved out of the testing and development phase.

CurrentC made headlines in 2014 after MCX members CVS and Rite Aid disabled Apple Pay at their retail locations due to MCX exclusivity agreements that lasted until 2015, while other MCX retailers, like Walmart and Best Buy, publicly stated they would not support Apple Pay.

As CurrentC development stalled and exclusivity agreements expired, several MCX members that refused to accept Apple Pay, including Rite Aid and Best Buy, reversed course and began using Apple's payment platform. Major CurrentC backer Walmart, meanwhile, developed its own Apple Pay competitor called Walmart Pay, further casting doubt on the future success of CurrentC.

currentchowto
CurrentC relied on customers to open an app and scan QR codes to make payments, a convoluted system that has been described as offering minimal benefit to consumers. Merchants backed CurrentC because it aimed to do away with credit card processing fees by requiring customers to connect a bank account or pre-paid debit card, and it offered the ability to track customer purchases, something not possible with Apple Pay.

Related Roundup: Apple Pay
Tags: MCX, CurrentC

Top Rated Comments

Bbqthis Avatar
83 months ago
"Utilizing 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."


Translation: We're going out of business and are holding onto a handful of sand.
Score: 53 Votes (Like | Disagree)
sputnikv Avatar
83 months ago
postpone? why not cancel?
Score: 44 Votes (Like | Disagree)
avanpelt Avatar
83 months ago
Ok, CVS and Publix, time to update those POS terminals and flip the NFC switch to on.
Score: 32 Votes (Like | Disagree)
Z400Racer37 Avatar
83 months ago
Awww, I was really looking forward to not using that....
Score: 29 Votes (Like | Disagree)
_mdavenport Avatar
83 months ago
DBA: Dead Before Arrival.
Score: 25 Votes (Like | Disagree)
ck2875 Avatar
83 months ago
Wal-Mart Execs: "Our plan ('https://www.macrumors.com/2016/05/16/walmart-pay-rolls-out-texas-arkansas/') is totes different from this."
Score: 23 Votes (Like | Disagree)

Popular Stories

iOS 16

Apple Releases iOS 16.0.2 With Bug Fixes for iPhone 14 Pro Camera Vibration, Copy/Paste Issue and More

Thursday September 22, 2022 1:04 pm PDT by
Apple today released iOS 16.0.2, addressing a number of bugs that iPhone 14 owners have been experiencing since the new devices launched. iOS 16.0.2 comes two weeks after the launch of iOS 16, and it follows iOS 16.0.1, an update made available to iPhone 14 owners on launch day. The update is available for all iPhones that are capable of running iOS 16. The iOS 16.0.2 update can be...
apple watch series 7 aluminum colors yellowbg

Don't Want the Apple Watch Ultra or Series 8? Amazon Has Record Low Prices on Series 7 Models This Week

Friday September 23, 2022 6:56 am PDT by
The Apple Watch Series 8 and Apple Watch Ultra are now available to purchase, but if you aren't interested in these updates you can save a lot of money on Series 7 models right now on Amazon. Note: MacRumors is an affiliate partner with Amazon. When you click a link and make a purchase, we may receive a small payment, which helps us keep the site running. The best deals are on cellular...
Dynamic Island For Android Users Feature

Android App Copying iPhone 14 Pro's Dynamic Island Released on Play Store

Thursday September 22, 2022 7:57 am PDT by
A copycat version of the iPhone 14 Pro's Dynamic Island has arrived on Android's Google Play Store in the form of an app called "dynamicSpot." The app, still in beta, offers customers several different experiences at the top of their smartphones. In its current form, dynamicSpot offers playback control for songs, timers, battery status, and more features coming soon, according to the app's...
maxresdefault

Video Review: Four Days With the iPhone 14 Pro Max

Wednesday September 21, 2022 7:49 am PDT by
Apple on Friday released the new iPhone 14 models, and MacRumors videographer Dan picked one up on launch day. He's been using the iPhone 14 Pro Max non-stop since it came out, and over on the MacRumors YouTube channel, has shared his initial thoughts on the day-to-day experience with the latest iPhone. Subscribe to the MacRumors YouTube channel for more videos. Dan's mini review highlights...
14 vs 16 inch mbp m2 pro and max feature 1

New 14-Inch and 16-Inch MacBook Pros Reportedly Launching Later This Year

Friday September 23, 2022 7:08 am PDT by
Apple plans to release new MacBook Pro models in the fourth quarter of 2022, according to supply chain publication DigiTimes. The report does not mention specific models, but it very likely refers to the next-generation 14-inch and 16-inch MacBook Pros given that the 13-inch model was already updated earlier this year. There has been uncertainty surrounding the timing of new 14-inch and...
facebook meta

Meta Sued Over Tracking iPhone Users Despite Apple's Privacy Features

Thursday September 22, 2022 5:12 am PDT by
Meta is facing a new proposed class action lawsuit that accuses it of tracking and collecting the personal data of iPhone users, despite features and policies made by Apple which are meant to stop that same type of tracking. In August, it was revealed that with the Facebook and Instagram apps, Meta can track all of a user's key taps, keyboard inputs, and more, when using the in-app browser....
AirPods Max 2022 Colors

Ten Things AirPods Pro 2 Tell Us About AirPods Max 2

Saturday September 24, 2022 1:00 am PDT by
Upon the release of the second-generation AirPods Pro, the AirPods Max became the oldest current-generation AirPods product still in Apple's lineup. Introducing several new features like Adaptive Transparency and the H2 chip, the second-generation AirPods Pro may provide some of the best indications yet of what to expect from the second-generation AirPods Max. Almost two years later, rumors...
new airpods pro ear tips

Apple Explains Why Second-Generation AirPods Pro Ear Tips Are Incompatible With Original AirPods Pro

Thursday September 22, 2022 3:12 pm PDT by
Apple today explained why the new silicone ear tips for the second-generation AirPods Pro are not officially compatible with the original AirPods Pro. In an updated support document, Apple said the original AirPods Pro ear tips have "noticeably denser mesh" than the second-generation ear tips. Apple did not provide any additional details, but the mesh density could result in acoustical...
AirPods Pro Second Generation 2 Pairing Feature 1

AirPods Pro 2 Engravings Appear in iOS During Pairing and Connecting

Friday September 23, 2022 9:40 am PDT by
Customers who personalize their second-generation AirPods Pro charging case with an engraving will now have that engraving reflected directly on iOS as they pair and connect their AirPods Pro. Apple allows customers to personalize their AirPods Pro charging case with a special engraving that can include select emojis and Memojis. Unlike before, starting with the second-generation AirPods...