CurrentC: Apple Pay’s Newest Rival Set to Launch Later This Year

CurrentC, a mobile payment solution by retail consortium MCX, will launch later this year in the US. It promises to be the next big thing since Apple Pay launched last October.

Unlike Apple Pay and its usage of NFC for payments, CurrentC uses QR codes generated at the till to bill clients.

The code is programmed with the payment amount, which is then cut directly from the customer’s bank account.

MCX made waves last year after Apple Pay’s launch, as certain retailers such as Walmart and CVS disabled Apple Pay support at checkout.

This may seem like an unfair move, but speculation seems to point to the fact that with Apple Pay being so popular, MCX may be scared of the competition.

These retailers seem to be keen to bypass any added costs they may incur during a transaction. Since CurrentC transactions are debited from a bank account, retailers save on interchange fees from card networks and gain more direct access to the spending habits of their customers.

The added benefit of loyalty and rewards offerings through CurrentC may also sway users who shop at most big name retailers.

Whatever the case may be, the Apple Pay - CurrentC competition is heating up, and only time will tell what will happen when CurrentC is released in a few months time.