Merchant Customer Exchange (MCX), the retailer-led mobile payments consortium formed in 2012, has unveiled the name of its new mobile payment network. Called CurrentC, the network has been launched as a pilot in select locations throughout the U.S. and is set to expand to a full national rollout next year. At full scale, CurrentC will be accepted at more than 110,000 merchants, according to MCX. The network and its companion consumer app also will enable users to manage merchant loyalty programs and offers. MCX is touting the network as a highly secure payment method, with users’ financial information stored in the cloud rather than on a mobile device. The app also uses a token placeholder to facilitate transactions.
Since its formation more than two years ago, MCX has been building out its platform. In February, the consortium integrated Paydiant’s cloud-based platform into its infrastructure, enabling merchants to use existing POS terminals and integrate MCX into their own branded mobile apps.
MCX’s roster of merchant members now includes 7-Eleven, Target Corp., Wal-Mart Stores, ExxonMobil, Rite Aid and Wendy’s, among others.
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