CurrentC, the upcoming alternative payment method that could rival Android Pay and Apple Pay, is postponing its official launch until 2016. The payment app was supposed to go public in the summer of 2015, instead it was released in public beta phase in Ohio.
CurrentC was conceived by the Merchant Consumer Exchange (MCX) as sort of alternative to the now famed Apple Pay and Android Pay. MCX is an industry group whose members include Target, Walmart, Rite Aid and Exxon.
When Apple Pay was announced, MCX members made a pact that it will not support any alternative payment method. That agreement is expected to expire before the end of August and some MCX members have already publicized their decision to support Apple Pay, Android Pay and other contactless payment method.
According to Fast Company, CurrentC uses QR codes instead of Near-Field Communication technology. The app directly deducts the price of a product or service from consumers' store card or checking account rather than adding it on their credit cards which is the case for most contactless payment method. This way consumers who use CurrentC are not required to use their credit cards in making smartphone-based transactions.
MCX CEO Brain Mooney told ReCode, "This is a long game. Certainly going faster is always better - that's not necessarily a debatable point. But we're going to do it right."
CurrentC's beta phase was met with mostly negative reviews from tech analysts. One of the most common cited flaw is its unpolished interface. Additionally, CurrentC was the subject of a major hacking spree in 2014 that exposed some internal company information.