Don’t count out your CurrentC just yet…
Remember the flare up that happened late last year over the shutting off of NFC-enabled POS by a couple of US drugstore chains backed by service operator, Merchant Customer Exchange (MCX), just after the launch of Apple Pay? All in the name of protecting a rival MCX mobile payment solution called CurrentC. We covered it for days as the plot became more convoluted than an episode of ‘Game of Thrones’.
CurrentC was first announced in September 2014 and gained more publicity in October when MCX member companies Rite Aid and CVS stopped accepting Apple Pay a week after it launched. This caused speculation that it was an attempt to hinder the rival payment service in favour of CurrentC which was still being tested. Other notable MCX retailers to deny Apple Pay transactions included Best Buy and Wal-Mart. The release date for the wallet was to be mid 2015.
Now, according to a report from MacWorld last Monday, CurrentC will launch in the next few months and will provide competition to existing mobile payments services available from large corporations such as Apple, Samsung and Google. According to reports, CurrentC is being tested in several undisclosed markets around the US and will officially launch over the next few months in a single market.
CurrentC said that initial availability "will be determined based on a number of factors, including retail support, infrastructure and consumer population."
Unlike Apple Pay, which completes credit and debit card-based transactions using NFC technology, CurrentC relies on what some consider to be a less secure means of payment processing. CurrentC enables users to pay in-store by pointing their camera at a one-time barcode displayed on a retailer terminal to authorise payment. The payment amount is directly deducted from the user's bank account, which is linked with CurrentC on the backend.
Some believe that NFC is a simpler to use (including some of our readers, I suspect), however, CurrentC said that barcodes are more widely supported than the NFC in smartphones and will simplify the checkout process. “When the app's full functionality is released to consumers, CurrentC will simplify and expedite the customer checkout process by applying qualifying offers and coupons, participating merchant rewards, loyalty programs and membership accounts, and offering payment options through the consumer's selected financial account, all with a single scan,” said MCX in a statement. CurrentC said they will issue a secure passcode which does not require any hardware from most customers or merchants, and are also open to using other technologies such as a version based on Bluetooth which is also being tested.
Merchant Customer Exchange CEO Dekkers Davidson previously noted POS terminals offering support for CurrentC are also compatible with NFC systems, meaning Apple Pay can technically be used on hardware at partner merchant locations. However, retailers in the consortium inked exclusivity agreements that preclude them from using alternative forms of electronic payment, something Davidson said was necessary for a successful rollout. In November, however, Davidson said CurrentC's exclusivity timeline would be "measured in months, not years," meaning Apple Pay could show up at MCX merchants sooner than previously thought. Let’s see.
Other news I wanted to bring to your attention is that the Contactless Intelligence 2015 Industry Award are now open - for another five days at least. We already have a a couple of companies starting to make the leap from the pack but things can still change and the greatest danger is one of complacency. Over the last two years I have seen early winners get pipped at the post as they relax. Don’t let this be you! Remember; every vote counts. Let me repeat. Every. Vote. Counts. Got it? After all, that’s what interns are there for - right? Five days to go and the voting ends, so good luck to all.
Until next week.
Steve Atkins
Contactless Intelligence
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