August 24, 2016
MCX on the Ropes, Postpones CurrentC Rollout
May 19, 2016
Only a day after Walmart announced plans to launch a pilot for its in-store mobile payment system Walmart Pay in 110 Arkansas stores, the Merchant Customer Exchange (MCX) and its CurrentC mobile payment app appear to be struggling for survival. MCX was launched by a consortium of large U.S. merchants—including Walmart—nearly four years ago as a way to compete with mobile payment options from Apple and Google. On Tuesday, MCX said it is “postponing” the nationwide rollout of CurrentC and has laid off 30 employees.
“Utilizing unique feedback from the marketplace and our Columbus pilot, MCX has made a decision to concentrate more heavily in the immediate term on other aspects of our business including working with financial institutions, like our partnership with Chase, to enable and scale mobile payment solutions,” Brian Mooney, the company’s CEO said in a statement. “As part of this transition, MCX will postpone a nationwide rollout of its CurrentC application. As MCX has said many times, the mobile payments space is just beginning to take shape—it is early in a long game. MCX’s owner-members remain committed to our future.”
MCX was plagued since its inception in 2012 by leadership changes , delays , reports of fines levied against members accepting Apple Pay and high-profile defections . The company said it will focus on its partnership with Chase, announced last fall .