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CurrentC Is The Big Retailers’ Clunky Attempt To Kill Apple Pay And Credit Card Fees

Update On :06 November 2014

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 a memo obtained 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.
CurrentC’s app is now in the iOS and Android app stores, but can only be used by those with an invite code. Luckily, Aude was able to attain these screenshots and information.
When you sign up for CurrentC, you’re supposed to add your bank account. This lets CurrentC process payments for you without retailers having to pay the steep credit card processing fee. You can also add retailers’ loyalty credit cards or gift cards as payment methods. It’s possible that if you already have your bank account connected to a partner retailer’s loyalty or credit card, you may be able to automatically link that bank account to your CurrentC account rather than going through the clumsy standard process.

News Source From : http://techcrunch.com/2014/10/25/currentc/

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