Consortium-backed Apple Pay competitor CurrentC to launch 'trial run' in August
CurrentC, the MCX-developed mobile payment platform backed by a number of major U.S. retailers, will reportedly see an initial trial run in August, signaling that the service is finally approaching a public launch.
That trial will be limited, three sources explained to Bloomberg, although they did not mention details. A spokeswoman for one company in the MCX consortium, Lowe's, said that a CurrentC app should launch sometime in the September quarter. MCX COO Scott Rankin confirmed only that tests are beginning this year and that the consortium is "making good progress" on the app.
"We expect there to be more than one successful player in mobile payments, and we expect to be one of them," he added.
CurrentC was created as a way for retailers to reduce fees paid to credit card comanies and other financial services, and has the backing of businesses like Best Buy, Walmart, CVS, and Wendy's. The service should also allow retailers to hold on to customer data, something they stand to lose if other mobile payment platforms catch on.
It faces several serious problems however, such as a potential lack of confidence -- owing to a 2014 security breach -- and no support for credit or debit cards other than store-issued ones. The only alternative will be giving MCX direct access to a checking account.
The biggest barrier is likely to be rival mobile payment platforms, above all Apple Pay and Android Pay. The former has already gained significant traction, and Android Pay will be available alongside the next version of Android, launching later this year. Since the platforms are being integrated into popular mobile devices, there may be little reason to install CurrentC unless a favorite retailer simply isn't accepting alternatives.
MCX did impose three-year exclusivity agreements on participating merchants, but Bloomberg sources said these are ending in August. One MCX partner, Best Buy, announced as far back as April that it would support Apple Pay by the end of 2015.
That trial will be limited, three sources explained to Bloomberg, although they did not mention details. A spokeswoman for one company in the MCX consortium, Lowe's, said that a CurrentC app should launch sometime in the September quarter. MCX COO Scott Rankin confirmed only that tests are beginning this year and that the consortium is "making good progress" on the app.
"We expect there to be more than one successful player in mobile payments, and we expect to be one of them," he added.
CurrentC was created as a way for retailers to reduce fees paid to credit card comanies and other financial services, and has the backing of businesses like Best Buy, Walmart, CVS, and Wendy's. The service should also allow retailers to hold on to customer data, something they stand to lose if other mobile payment platforms catch on.
It faces several serious problems however, such as a potential lack of confidence -- owing to a 2014 security breach -- and no support for credit or debit cards other than store-issued ones. The only alternative will be giving MCX direct access to a checking account.
The biggest barrier is likely to be rival mobile payment platforms, above all Apple Pay and Android Pay. The former has already gained significant traction, and Android Pay will be available alongside the next version of Android, launching later this year. Since the platforms are being integrated into popular mobile devices, there may be little reason to install CurrentC unless a favorite retailer simply isn't accepting alternatives.
MCX did impose three-year exclusivity agreements on participating merchants, but Bloomberg sources said these are ending in August. One MCX partner, Best Buy, announced as far back as April that it would support Apple Pay by the end of 2015.
Comments
Poor management right there.
There are tons of problems with this service, but at least it's Quick. It says so right in the screenshot. Quick.
It appears you bring up the app, then touch the Quick CurrentC bar at the bottom. I assume then it generates the QR code, then you scan that.
"We expect there to be more than one successful player in mobile payments, and we expect to be one of them," he added.
Hey, you can expect whatever you want, doesn't mean it will happen or that it's even realistic.
DOA.
This is going to be stillborn. Not accepting standard credit and debit cards has killed it.
Because it’s not about the customer experience, or customer security, or customer anything. It’s about eliminating credit/debit card fees, period.
Because it’s not about the customer experience, or customer security, or customer anything. It’s about eliminating credit/debit card fees, period.
those fees will never be eliminated.
Because it’s not about the customer experience, or customer security, or customer anything. It’s about eliminating credit/debit card fees, period.
i think it is just as much about this:
"...should also allow retailers to hold on to customer data"
Apple's continual stance to keep my data private is one of my largest motivating factors in using their ecosystem.
The worst thing to do in mobile payment is to let merchant access your checking account directly. Fck no. Even if I want to pay from my bank, I use debit card.
What I really want to know is when ApplePay is going to come to Australia and NZ?
It is mostly the same banks in both countries and we have a very high electronic payment ratio. Should be an easy sell.
This CurrentC thing is almost certainly going to meet the same fate.
Anyone stupid enough to sign up for it deserves it.
It's safer to use a tokenization scheme than to run the stripe of your debit card. So Apple Pay (or the equivalent upcoming Samsung clone) still wins.
My question is who is going to use this when they could simply wave their phone over the payment terminal?
No one. Unless there isnt another choice. At that point a standard credit card is more convient
And then think how pissed you'd be if you were waiting in line behind someone with an iPhone and they breeze through in 3/4 of a second and then you think to yourself "I have that too
!!!". You step up to the counter like a boss and then... 
Anyone stupid enough to sign up for it deserves it.
And that's exactly what the consortium is counting on... consumers with little-to-no analytical skills. Suckers.
As someone that wants to get the hell out of the store fast, this looks like a huge pain in the ass to use.