In 2012, dozens of retailers such as Walmart, Target, CVS and Best Buy teamed up to create their own smartphone payments network and mobile wallet which developed into the CurrentC solution.
The Merchant Customer Exchange, or MCX, has private pilots going on in several member stores in different parts of the country and also said it would expand that pilot program to many more stores throughout 2014 and launch commercially in 2015 on a regional and national level.
MCX’s membership runs 110,000 retail locations, including the big box retailers, but also restaurants, clothing merchants, convenience stores and even airport and airline concession companies.
According to MCX, CurrentC will enable its users to store and redeem digital coupons and special offers. CurrentC’s functions will also integrate directly with MCX members’ own mobile apps.
The current information doesn’t mention if it will support near field communications. Instead, it will use digital QR codes generated by its smartphone app. The credit card data will be stored in the cloud and the smartphone app will generate a token that will verify the shopper’s presence and identity and trigger the transaction between store and bank.
In February 2014, Merchant Customer Exchange (MCX) unveiled that it is set to add Paydiants cloud-based, white label platform to its custom developed mobile commerce infrastructure.
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