Date: Wednesday, June 8th, 2016, 10:23
Category: Apple Pay, Finance, News, retail
Put a fork in CurrentC, it might just be done.
Following layoffs of 30 employees in May, the Merchant Consortium Exchange, or MCX, announced today that it is ending its the ongoing CurrentC beta test and postponing all future releases. The beta test will be suspended on June 28th, according to an email sent to beta testers in Columbus, Ohio.
Following the conclusion of the beta test, MCX will disable all consumer accounts and end their access to the service. The company offered the following comment in an email sent to beta testers:
“We will be concluding our beta test and postponing further releases of CurrentC on June 28, 2016. Therefore, June 28th will be the last day that transactions will be accepted using CurrentC,”
MCX also posted a similar message on its web site and FAQ.
Last month, MCX announced that it was postponing the nationwide rollout of CurrentC and would focus on “other aspects of our business” in the meantime. The company, which began developing CurrentC as a viable competitor to Apple Pay thanks to details with chains like Walmart, Best Buy, Rite Aid and CVS, has been cited for security concerns and yesteryear QR code implementation.
MCX’s original CEO was replaced by another just over a year ago, signaling rocky times for the company. While early exclusivity deals meant that retailers couldn’t accept Apple Pay without facing a fine, many CurrentC retailers now do accept Apple’s mobile payment platform, including Best Buy. Walmart, which has always been adamantly against Apple Pay and was an original CurrentC supporter, abandon the platform and developed its own payment system instead.
As of now, an MCX spokesperson noted that it has “not announced future timelines or plans around the app but we’re looking forward to analyzing and learning from the data we gleaned throughout the beta.”
Stay tuned for additional details as they become available.