NEEDHAM, Mass. (7/28/15)--CurrentC, the retail industry’s answer to Apple Pay, will launch next month, Bloomberg reported.
The mobile payment application developed by Merchant Customer Exchange (MCX)-- a partnership among Wal-Mart, Target Corp. and Best Buy--has been tested by employees of the retailers and will begin limited trial in stores, (Bloomberg July 23).
Gaining traction in a competitive mobile payments space won’t be easy.
The challenge for CurrentC now is playing catch-up against established apps from Apple Inc., Google Inc. and others. Security is another issue, especially considering the high-profile data breaches at retails in recent years, and CurrentC itself was hacked last year during an early test.
Scott Rankin, MCX’s chief operating officer, told Bloomberg his company’s partners believe there will be more than one successful player in mobile payments “and we expect to be one of them.”
MCX has not signed deals with major credit-card companies to use bank-issued card accounts within its app. As an example, a shopper would not be able to use a Visa debit card from a major bank through the app as can be done with Apple Pay. Instead, users of MCX’s app will be limited to private-label store cards, like Target’s REDcard, or they’ll have to give MCX their checking-account details.