In the past year, we have seen the demise of the merchant-backed CurrentC
and the rise of Walmart Pay.
Apple Insider reported the now-defunct CurrentC
mobile payments platform of MCX may be the technology at the core of the acquisition.
2015 known as CurrentC
as a competitor to ApplePay); Mike Isaac, Apple
He'll also examine spin-off technologies such as blockchains, and look into the mechanics behind electronic payment systems such as Apple Pay, CurrentC
, and Softcard.
signed on to accept Apple Pay, but reportedly dropped the service because they were members of a retail consortium called Merchant Customer Exchange (MCX), which is developing yet another mobile payment system dubbed CurrentC
What's missing from the picture is CurrentC
, a yet-to-launch mobile payment service backed by Merchant Customer Exchange -- a consortium of merchants such as Walmart, CVS, Sears, Gap and Hobby Lobby.
The Merchant Customer Exchange, an organization founded by Walmart, Target and Best Buy, will introduce CurrentC
app in August 2015.
is an example of a Code-Based system where the application scans a code to process the transaction.
, the merchant-based wallet from MCX, is expected to launch this year, with desirable capabilities such as rewards, contextual offers and loyalty features--things that are currently missing from Apple Pay.
will bypass Visa and MasterCard, operating more like a mobile debit card.
The competing apps are very similar, but CurrentC
currently has more than 40 retail partners, while Apple Pay stands around 30.
The Economist recently highlighted the pitched battle between Apple Pay and CurrentC
, which has pushed the technology further into the spotlight.