CurrentC Payment App Set to Launch Next Month
CurrentC, often coined as the “Retailer’s Answer to Apple Pay,” is set to hit stores next month. The initial release of this mobile payment system will be a trial run in select stores, as the nationwide launch isn’t set until later on this year.
The payment app has been in development for three years. It was the brainchild of the Merchant Customer Exchange (MCX), a consortium of retailers including Walmart, Target and Best Buy. CurrentC will deduct money from a customer’s checking account, not a credit card, saving the retailers the 2-3% typically charged as the interchange or swipe fee. It will scan paycodes for purchases rather than relying on near field communications (NFC).
Each transaction made on CurrentC is guarded by a secure passcode that is unique to every purchase. A personal four-digit code ensures that only the customer can access the account.
The MCX reports that CurrentC will be accepted by 110,000 retail outlets in the United States.
The biggest problem that CurrentC is facing is that it now enters a highly competitive and saturated market. Apple Pay is not the only mobile wallet to offer contactless payments. PayPal is a fierce competitor, especially now that it has officially cut ties with eBay. The upcoming Google Pay and Samsung Pay options will also entice people away from CurrentC.
About Bill Hardekopf
Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.