Merchant Customer Exchange (MCX) CurrentC is a mobile payments application backed by some of the nation's largest retailers including Target, Walmart, CVS, Best Buy and Rite Aid, as well as banks like Capital One. An alternative to Google Wallet and Apple Pay, the app lets customers save and earn loyalty rewards and lets retailers customize the app to look like it's their own.
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Paydiant, a startup based in Newton, Mass., provides the technology behind the app and partnered with Merchant Customer Exchange, a consortium of retailers, to create it. Consumers using the app can pay using a QR code, Bluetooth or a numeric code that is generated through the app on their phone upon checkout.
At the end of October 2014 CurrentC suffered a security breach and email addresses of pilot users were stolen. However, the payment application itself was not affected.
The use of mobile payment apps is on the rise. Forrester Research predicts that by the end of 2017, U.S. mobile users will spend $90 billion via mobile payments, a 48% increase over the $12.8 billion spent in 2012. CurrentC will be released to the public in 2015.