Remember CurrentC, the mobile payment service backed by the Merchant Customer Exchange (made up of companies like Target, CVS, and Old Navy)? We haven’t heard much about the service since 2014, but CurrentC and the MCX is back in the news today, and it’s not good.
MCX has announced that it’s “postponing” the launch of CurrentC, it’s rival to services like Apple Pay, Android Pay, and Samsung Pay. It came to this decision after running a pilot program with nine retailers in Columbus, Ohio. MCX says that in the near term, it plans to work closer with banks like Chase “to enable and scale mobile payment solutions.”
Because of this postponement, MCX has let go of around 30 employees. “These are very tough decisions, but necessary steps,” MCX CEO Brian Mooney said.
When CurrentC debuted in 2014, several retailers backed the service as a way to control the mobile payments at their store rather than having to deal with the likes of Apple and Google. Fast-forward to today, though, and Apple Pay, Android Pay, and Samsung Pay are available at stores nationwide, while CurrentC is getting postponed. Needless to say that things aren’t looking great for CurrentC right now, as Apple, Google, and Samsung’s mobile payment services are continuing to grow and Walmart, listed as an MCX partner, is expanding its own proprietary mobile payment service.
