CurrentC


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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.
References in periodicals archive ?
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.
Their announcement aimed to support CurrentC in place of Apple Pay.
The two drugstore chains have joined retail giants Walmart and Target and others to field a rival app called CurrentC, which is more like a coupon and rewards app that gives retailers information about who its users are and what they buy.
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.
CurrentC combines users' payment and loyalty rewards accounts, allowing them to pay and save from virtually any smartphone.
CurrentC falls short because it doesn't operate on Near Field Communication, opting instead to use QR codes.
of Bentonville and about 50 other retailers: CurrentC, created by a joint venture called MCX, the Merchant Customer Exchange of Boston.