CurrentC mobile payments continued their gradual rollout with a market test involving major retailers in Columbus, Ohio. Developed by the Merchant Customer Exchange (MCX), CurrentC was designed as a merchant-backed alternative to mobile wallets such as Apple Pay, with participating companies including Walmart, Target, CVS, Sears, Kmart, Wendy’s, and Giant Eagle. The test encompassed roughly 150 locations, with additional expansion planned for participating fuel retailers.
Beyond merchant participation, CurrentC’s approach to payment security is an important part of the mobile wallet’s value proposition. The service uses tokenization to help protect customers’ financial information, allowing tokens rather than actual payment credentials to be transmitted during transactions. While Apple Pay prominently marketed tokenization as a security advantage, CurrentC placed less emphasis on the technology despite its potential to reassure consumers concerned about mobile payment security.
The mobile app, CurrentC, continues its market rollout in Columbus, OH as reported by local newspaper, The Columbus Dispatch. There is still no word on a national or larger rollout.
Merchants such as Wendy’s, Target, CVS, Sears, Kmart, Wal-Mart and Giant Eagle are participating in the test, which started in September at 150 locations in central Ohio and soon will expand to Shell and Exxon/Mobil locations.
The article imparted some interesting information regarding the app’s security. The CurrentC website tell consumers that it protects their payment information through password protection and by not storing or transmitting any personal data. What isn’t stated directly, but was revealed in the article, is that CurrentC is using tokens to protect checking account, card and possibly other information. It seems unusual that this isn’t marketed as a benefit given Apple Pay’s success in touting this security feature in the roll out of their wallet
application.
One issue that consumers won’t have to worry about is security, said Jessica Deckinger, chief marketing officer at MCX.
There are several layers of security, she said, but perhaps the most important point is that the app doesn’t transmit a customer’s financial data over the air. Instead, the app uses tokens that are transmitted and securely converted by a financial institution, which then charges the user.
CurrentC mobile payments illustrate how retailers were seeking greater control over the emerging mobile wallet experience while also addressing consumer concerns about payment security. Its use of tokenization demonstrates that advanced security technology was not limited to device-based wallets such as Apple Pay.
However, technology and security alone would not guarantee widespread adoption. CurrentC’s ability to expand beyond its initial market tests would ultimately depend on merchant participation, consumer awareness, ease of use, and whether shoppers saw enough value in adopting another payment app.
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
