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    News in brief

    MCX ‘will not rush’ CurrentC rollout

    News in brief

    CurrentC, the mobile wallet offered by US retailer-led consortium MCX, may not launch widely this year as originally planned, CEO Brian Mooney has said. “The company will begin a public pilot of its app in Columbus, Ohio, in a few weeks and will not rush a wider rollout if the product is not ready,” Mooney told Re/code.

    Filed by Email Rian Boden nfcworld.com Published • Last updated 24 August 2015, 14:01

    • “MCX ‘will not rush’ CurrentC rollout” …
      Too funny, the whole idea of CurrentC—LOL …

    • Nikato Muirhead

      It can be a good product if done right.

      • It’s “done right” already; and it’s called MasterCard or Visa (or Amex, if you are a snob)—take your pick …

        MCX’s CurrentC is a clunky payments processing system that, if it is not an ectopic pregnancy, will surely be still-born, if ever it is born. Regardless, the ACH process, on which CurrentC is based, is not a dynamic interface to debit banking accounts—such transactions are aggregated for overnight settlement; ACH therefore is not a suitable process for the payment of goods/services that are going to immediately walk out the door as, if the buyer has insufficient funds/credit available, the bank will reverse the ACH debit the following day …

        I’m afraid someone has been pulling Walmart’s Mr Cook’s leg …

        • Nev

          I think it is and always has been just a negotiating lever for the MCX group, a nuclear deterrent to help secure better rates from the payment networks. It isn’t meant to see the light of day.

          • You may possibly be right. However, the discount rate a merchant pays is set by his acquiring banker; if he does not like the rate he is free to hawk his business around to the other banks, and I’m sure any other bank would welcome the business from one of these big retailers; so, I doubt that that it is the case. Methinks, Mr Cook simply does not like anyone else taking a bit of his action and, as I have said elsewhere, if Mr Cook does not like the credit card rates, he always has the option to accept only debit card transactions …

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