Report: Another player to enter digital payment game

Boston – The increasingly crowded digital payment field will soon have a new player. According to Bloomberg, the retailer-backed Merchant Customer Exchange (MCX) is preparing to launch a trial of its CurrentC digital payment solution in stores.



The limited trial run at unspecified retail stores in August follows beta testing by store employees and will precede a wide-scale rollout planned for third quarter 2015. Retailers supporting MCX include Lowe’s (who will definitely not participate in the trial), CVS, Rite Aid, Wal-Mart and Best Buy. While early indications were that retailers supporting CurrentC would not support Apple Pay, Best Buy plans accept Apple Pay in stores starting later in 2015.



Similar to Apple Pay, CurrentC allows users to digitally pay for purchases using an app. The CurrentC app also allows users to redeem exclusive offers, programs and coupons automatically, earn instant loyalty rewards and points, and pay with checking accounts, store gift cards and select store debit and credit cards. Currently, MCX does not have any agreements with major credit card issuers, unlike Apple Pay’s extensive agreements with banks and credit card brands.



Security includes a four-digit passcode, a secure unique paycode attached to every purchase, and storage of information on an encrypted cloud rather than on the phone. However, MCX informed pilot participants that hackers had gained access to their email information in October 2014.