CurrentC Is The Big Retailers’ Clunky Attempt To Kill Apple Pay And Credit Card Fees Long before Apple Pay, big brick-and-mortar retail chains were conspiring to sidestep the typical 2% to 3% fees they’re charged by credit card companies when consumers pay with credit. A company called MCX (Merchant Customer Exchange), spearheaded by Walmart, was started to build a mobile payment solution that would become an app called CurrentC that’s preparing to launch, but is already in the app stores. Rather than NFC, CurrentC uses QR codes displayed on a cashier’s screen and scanned by the consumer’s phone or vice versa to initiate and verify the transaction. The system is also designed to automatically apply discounts, use loyalty programs, and charge purchases to a variety of payment methods without passing sensitive financial data to the merchant. Retailers including CVS and Rite-Aid were planned partners for CurrentC. Now, those businesses have pulled unofficial support for Apple Pay through their existing NFC readers, according to a report from MacRumors and memo attained by SlashGear. This implies they’ve established exclusive deals with MCX to use CurrentC as their mobile payment option. Thanks to research shared with TechCrunch by Stanford student and developer sleuth Andrew Aude, we have more details on MCX’s plan and a closer look at the CurrentC app.
Posted on: Sun, 26 Oct 2014 05:08:16 +0000
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