Merchant Customer Exchange Unveils CurrentC

BOSTON -- Merchant Customer Exchange (MCX) has finally taken the wraps off its new mobile payment network.

Called CurrentC, the network was built by leading merchants to simplify, enhance and secure their customers' shopping experiences. CurrentC has already launched in private pilot mode in select locations across the country. The private pilot will expand through 2014, with regional and national rollouts to follow in 2015.

"CurrentC will offer customers a simpler, faster, secure way to checkout at their favorite merchants," said MCX CEO Dekkers Davidson. "At full scale, CurrentC will be accepted in more than 110,000 merchant locations across the country, giving consumers unmatched access to their favorite retailers. It will also offer innovative features and benefits, such as merchant loyalty programs and instant coupon savings, all stored on the phone and available right at the point-of-sale."

The CurrentC mobile wallet app will be free to download through the App Store and Google Play store, and is compatible with major smartphones. 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, according to MCX.

"The CurrentC Network will provide merchants with unparalleled reach and resources in the mobile payments category," Davidson said. "It will offer merchants new and exciting channels to engage with customers, strengthen relationships and enjoy more control of transaction data."

CurrentC is a software-based solution that works with most existing point-of-sale and payment terminals. CurrentC will utilize a secure paycode and will not require additional hardware for most customers or merchants, MCX added.

Merchant Customer Exchange was formed by merchants to develop a customer-centric and secure mobile payment solution. Its members include leaders in the convenience, fuel, big-box, pharmacy, grocery, quick- and full-service dining, specialty-retail and travel categories. Collectively, these companies operate more than 110,000 locations and process more than $1 trillion in payments annually. The company operates from offices in Boston and Dallas.