They've spearheaded a consortium of retailers to develop their own in-house "electronic wallet" system.
- It uses QR codes instead of NFC
- You pay with a linked bank account and not a credit card
- You have to provide them with your banking info, driver's license and SSN, which all get stored "in the cloud"
- Retailers and MCX/CurrentC have no liability in the event of fraud... you're on the hook if their data gets compromised
This is doomed to fail from the get-go. Their retail partners have had to sign three-year exclusivity deals, requiring them to not accept NFC forms of payment like Google Wallet and Apple Pay.
Their distaste for the credit card fees is seriously clouding their judgement. I can't see this catching on at all.
CurrentC: Unlock your phone, launch the CurrentC app, scan a QR code and show it to the cashier.
Appel Pay: Put your finger on the sensor and tap the card reader.
Who the fuck is going to want to use CurrentC?