What Happened
Almost two years since its inception, the Merchant Customer Exchange (MCX), a consortium made up by big-name retailers and restaurants including Wal-Mart, Target, and Darden Restaurants is finally ready to begin the first public tests of CurrentC mobile payment app, which reportedly won’t launch this year.
What Brands Should Do
Because CurrentC took so long to get ready, the initial two years of MCX’s exclusivity deal with its members to block adoption of competitors like Apple Pay is set to expire soon. Indeed, Rite Aid, a member of the consortium, has announced its decision to start accepting Apple Pay and Google Wallet as soon as this weekend. With more and more consumers starting to incorporate their mobile devices into their shopping experience, brands seeking stay ahead of the digital curve need to start developing a digital payment strategy and incorporating existing reward and loyalty programs into point of sale systems.
Source: Wall Street Journal
