Various US retailers have attempted to create a new mobile payment app which was expected to take out Apple Pay. Unfortunately, that will not be the case, as CurrentC is being delayed again, and new staff cuts have been announced.
More Trouble Ahead For CurrentC
While it is commendable to see retailers take matters into their own hands in the payments industry, the road ahead is filled with all types of challenges. For CurrentC, those challenges come in the form of lacklustre field trials and having to lay off 30 staff members shortly. Additionally, the app has been delayed yet again, and there is no word as to whether or not the app will ever be released.
In fact, the creator of CurrentC – called MCX – will shift their focus from a mobile payments app to helping banks with their mobile payment strategy. Granted, it is still too early to say whether or not CurrentC has been put on ice for good, but it looks like MCX expected a lot more from their attempt.
Laying off thirty employees, and not rolling out nationwide are not spelling a positive outcome for their retailer-backed attempt at mobile payments. According to The Verge, there is no one to blame for this lack of success other than MCX themselves, as the user experience was not up to par and sometimes even referred to as “annoying”.
This effort was meant to give retailers a viable alternative to credit card payments, which a lot of them want to avoid altogether. Had the mobile application been a success, it could have turned out to be a major contender for Apple Pay, but it looks like they will not be going toe-to-toe anytime soon.
Moreover, MCX decided to take the fight to Apple before the app was even released to the public. By coercing various retailers into blocking Apple Pay usage, some of these businesses may have hurt their revenue in the long run. However, no bridges have been burned just yet, and there is still plenty of time to leave the sinking ship by the name of CurrentC.
Source: The Verge
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