3yrs after it was announced by Wal-Mart, Target and Best Buy, CurrentC (MCX) is finally getting off the ground, but there are plenty of hurdles still to clear. For example it hasn’t signed deals to use bank-issued cards. Instead, users of MCX’s app will be limited to private-label store cards.
After almost three years in development, the retail industry’s answer to Apple Pay is finally getting off the ground. A mobile payment application developed by Merchant Customer Exchange -- a company founded in August 2012 with funding from Wal-Mart Stores Inc., Target Corp. and Best Buy Co. -- has been tested by employees of the retailers and will get a limited trial run next month in stores, according to three people familiar with the situation. That means shoppers will soon be able to use the technology, called CurrentC, to pay for items with their phones.