CurrentC


Also found in: Dictionary.
Related to CurrentC: Apple Pay, Softcard

CurrentC

An earlier mobile payment system from Merchant Customer Exchange (MCX), a consortium of retail vendors founded in 2012 that included Walmart, Best Buy, CVS, Lowes, Target and many others. The goal was to eliminate the fees merchants paid to the credit card companies.

Rather than use the NFC transmission method as in Apple Pay and other systems, a CurrentC transaction was accomplished when the user scanned a QR code with the CurrentC smartphone app at an MCX terminal. In 2016, CurrentC was abandoned, and JPMorgan Chase acquired the technology the following year. See mobile payment service.
Copyright © 1981-2019 by The Computer Language Company Inc. All Rights reserved. THIS DEFINITION IS FOR PERSONAL USE ONLY. All other reproduction is strictly prohibited without permission from the publisher.
References in periodicals archive ?
Recently, a new competitor, CurrentC, has surfaced.
The debut of Walmart Pay followed by a few weeks the public testing of CurrentC and appeared to reflect Walmart's determination not to miss the opportunity to get into the mobile payment game because the MCX option was not ready for prime time.
While CurrentC was relatively unknown in the mobile payments space initially, it was thrust into the spotlight in 2014 when its partner merchants (http://www.ibtimes.com/cvs-rite-aid-baffle-payments-industry-decisions-block-nfc-apple-pay-1714093) CVS and Rite Aid disabled the contactless payment features of in-store terminals following the launch of Apple Pay.
CurrentC, the merchant-based wallet from MCX, is expected to launch this year, with desirable capabilities such as rewards, contextual offers and loyalty features--things that are currently missing from Apple Pay.
Though Apple Pay has worked hard to partner with multiple retailers-Nike, Walgreens, Subway and Whole Foods among them-other major retailers such as Walmart, Kmart, 7-Eleven, Rite Aid and Best Buy are snubbing the system in favour of their own mobile payments app, CurrentC. The competing apps are very similar, but CurrentC currently has more than 40 retail partners, while Apple Pay stands around 30.
The Economist recently highlighted the pitched battle between Apple Pay and CurrentC, which has pushed the technology further into the spotlight.
Apple still requires retailers to pay swipe fees, but others like CurrentC have no fees and can be used with all brands of mobile phones.
* Visa Checkout and MasterPass have seen limited traction among the survey participants so far, but as many as 31% of respondents consider participating in CurrentC, a merchant-owned mobile payment system.
Rite Aid also participates in the Merchant Customer Exchange (MCX) network, which uses the CurrentC mobile payment platform.
Riordan said that at the same time, the financial industry is watching how mobile payment systems such as Apple Pay and CurrentC will affect card use in the future with their added security features.