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MCX Goes On the Defensive, Offers New Details

Article Comments  10  

Oct 29, 2014, 1:23 PM   by Eric M. Zeman   @zeman_e

MCX took to its company blog today to "set the record straight" on what its forthcoming CurrentC product will and won't entail. First and foremost, MCX said participation in its payment service is voluntary. "MCX merchants make their own decisions about what solutions they want to bring to their customers; the choice is theirs. When merchants choose to work with MCX, they choose to do so exclusively. Importantly, if a merchant decides to stop working with MCX, there are no fines." In other words, companies that pick CurrentC to power mobile payments in their stores will not be permitted to accept alternate mobile payment services, such as Apple Pay or Google Wallet. MCS will not penalize members that decide to switch allegiances. According to MCX, CurrentC will work with most Android or iOS devices and will offer loyalty programs, coupons, and payments all in a single transaction. It claims to meet the industry standard when it comes to fraud protection, and will allow consumers multiple different payment methods (credit card, merchant card, bank account). MCX claims consumers will be in control of their personal data (including location) and they can share as much or as little as they want with retailers. The company believes its QR code-based system will work well at retail locations, and points to the success Starbucks has had with a similar system. It said it might add other payment options, such as Bluetooth, down the road. MCX came under fire this week after CVS and Rite-Aid, which support CurrentC, ceased accepting Apple Pay and Google Wallet. CurrentC is currently being tested in select markets and won't fully launch until next year.

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Comments

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TDBearCT

Oct 29, 2014, 1:57 PM

Hmmm...

> First and foremost, MCX said participation in its
> payment service is voluntary. When merchants choose
> to work with MCX, they choose to do so exclusively.

So CVS and RiteAid chose to use MCX, purchased their terminals and licensed their processing system-- which included NFC-- and then when MCX offers an alternate AS YET UNDEPLOYED solution, MCX has the right to disable functionality their customers paid for.

> Importantly, if a merchant decides to stop working with
> MCX, there are no fines.

Except if you happen to own thousands of stores with tens of thousands of terminals that you already purchased. Then you have to pay to replace the whole system.

I call bullshit.
CVS and RiteAid bought their hardware from a different vendor than MCX. MCX didn't sell them something with NFC. I've used some of the new terminals that some of these merchants have recently upgraded to accept chip cards, etc. and many of them don'...
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Zpike

Oct 29, 2014, 3:53 PM

This is all really irrelevant

As I will NEVER be willing to tie my credit card to my cell phone.
So you've never purchased anything using your phone? You haven't setup a payment option for google play, paypal, amazon, ebay etc.? If you have, then your phone's Hardware ID, location, mac address, and other info. was sent along with credit card in...
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jinx7676

Oct 29, 2014, 8:36 PM

aaaaaaand they just got hacked...

vikes0115

Oct 29, 2014, 3:13 PM

Bluetooth?!?

How would that work? If you think checkout lines move slow now, wait until everyone has to pair their phone to the Bluetooth terminal in that line of that store.

Although, with all this talk of QR codes and Bluetooth as the backbone of the system, maybe they're going to announce its backward compatible to an old Motorola RAZR flip phones.
There were rumors that Apple was considering this option before they decided on NFC.

No, you wouldn't have to pair anything. As I understand it, it would use Bluetooth Beacons to detect and confirm your proximity to the register. It's great for one...
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