Report: CurrentC to Launch Next Month for iPhone and Android (July 27, 2015)
CurrentC—the mobile payments service backed by a consortium of major retailers—reportedly will launch next month, and curiosity is running high about how the app will stack up against Apple Pay and other emerging mobile wallets. Because it’s taken three years for parent company Merchant Customer Exchange (MCX) to get CurrentC off the ground, some observers say it faces tougher odds of gaining consumer adoption in the wake of Apple Pay. And consumers wary about security will need assurances that the technology is safe, notes Julie Conroy, a senior analyst with Aite Group. MCX last year confirmed CurrentC suffered a hack during a test.
But CurrentC, with as many as 70 participating merchants, including Walmart, Target and Best Buy, could provide a new twist on merchant-funded rewards. Unlike Apple Pay, Android Pay and Samsung Pay, CurrentC isn’t NFC-based. MCX previously said it’s powered by Paydiant’s cloud-based platform and enables participating retailers to integrate payments capabilities and rewards management directly into their own branded iPhone and Android applications via an API. Jacksonville, Fla.-based payments technology provider FIS is providing CurrentC’s payments processing platform, including transaction routing and settlement, according to MCX.
Details remain scarce about where and when CurrentC will launch, but Scott Rankin, MCX’s chief operating officer, confirmed the m-payments service will begin public tests this year, according to a Bloomberg News report late last week.