Chase Acquires Mobile Payment Consortium MCX

NEW YORK — JP Morgan Chase is acquiring mobile payment consortium Merchant Customer Exchange (MCX), agreeing to absorb the company's resources into Chase Pay.

A brainchild of Walmart and other major retailers that never got off the ground, MCX formed in 2012, but experienced multiple issues and delayed launches for its CurrentC solution.

Signs of the platform's impending demise came in 2015 when MCX member Best Buy announced it would begin accepting Apple Pay in stores. The next day, MCX chief executive officer Dekkers Davidson resigned. Since then, Best Buy and other MCX retailers also have been adopting third-party services such as Chase Pay — which is reportedly based on MCX tech — or building their own mobile payments platforms. 

"MXC has been an important partner, and their technology complements ours, so we're thrilled to deepen our relationships with the merchant community through the purchase of this technology," Jennifer Roberts, head of Chase Pay, told Mobile Commerce Daily. "This will help us get to market faster."

Click here to see the full story from Convenience Store News sister company Path to Purchase Institute.