CurrentC, the mobile payments app created by the Merchant Customer Exchange (MCX), may not launch in 2015 as initially planned, according to Brian Mooney, CEO of MCX, in an interview with Re/code.
The app, which is positioned as a key competitor for Apple Pay, Google’s Android Pay and Samsung Pay, will begin a public pilot in Columbus, Ohio within “a few weeks,” according to Mooney.
CurrentC is designed to be compatible with all smartphone models, allowing shoppers to pay with an app instead of a payment card or cash. However, unlike its competitors, CurrentC doesn’t let users pay with traditional credit cards. Currently, users only can pay for goods with gift cards, private label store cards or using a checking account. The service could enable support for credit cards in the future, but no timetable has been set.
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Previously, MCX retailers such as Rite Aid, Target and Walmart, showed unwavering support for CurrentC. But now, it appears that these retailers are increasingly opening up to other payment options as their exclusivity agreements expire in August. For example, MCX members Rite Aid and CVS recently reinstated Apple Pay 10 months after disabling the service. Other members such as Best Buy and Dunkin Donuts plan to roll out the service later this year.
Mooney anticipates that CurrentC will be very competitive due to the large footprint of participating merchants, which also includes 7-Eleven, Gap, Kohl’s and Sears. In total, the companies process more than $1 trillion in annual transactions and expect to roll out CurrentC to 110,000 locations across the U.S.
