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Merchant Consumer Exchange mobile payments platform to go public in coming months

| April 9, 2015

CurrentC will soon be more available to consumers and retailers in the US

The Merchant Consumer Exchange, a company created by a consortium of retailers in the United States, has announced that its mobile payments platform, CurrentC, will go public within the next few months. The company has developed this mobile payments platforms in order to accommodate the needs of retailers that want to engage mobile consumers. These consumers are becoming more prominent in the retail space, as they are beginning to rely more heavily on their mobile devices in order to shop for and purchase products online and in physical stores.

CurrentC uses NFC technology and QR codes to support mobile payments

CurrentC is designed to be compatible with NFC-based payment terminals. These terminals use NFC technology to receive financial data, which is used to complete a transaction. NFC technology has become the backbone of mobile payments, but it is not the only tool that can be used for transactions. CurrentC will also be using QR codes to support mobile payments. These codes are meant to be generated by point-of-sale terminals, allowing CurrentC users to scan the codes to complete a mobile payment.

Retail partners have already given some momentum to CurrentC

Mobile Payments Coming Soon - WalmartThe Merchant Consumer Exchange holds an opportune position in the retail space. Because the company was established by several large retailers, these organizations have opted to withhold their support of other mobile payments platforms. Retailers like Best Buy and Wal-Mart have opted to deny transactions made through Apple Pay, opting instead to support transactions made using CurrentC. With the new mobile payments system going public in the near future, retailers are about to see their support for the platform pay off.

Exclusive support for CurrentC is expected to end in the coming months

Those associated with the Merchant Consumer Exchange cannot technical support other mobile payments platforms, but the consortium notes that exclusive support for CurrentC will be done away with in the coming months. This means that retail partners will be able to support other platforms that have already become popular with consumers.

Mobile payments continue to thrive in the US

| March 31, 2015

Federal Reserve takes note of the growing prominence of mobile payments throughout the country

Mobile payments are catching on in the United States. According to information from the Federal Reserve, more people are using their smartphones to manages their funds than ever before. Doing so represents a convenient way to conduct commerce, as mobile devices can be used anywhere and at any time. The Federal Reserve has made note of a spike in mobile banking from 2013, with more people opting to manage their bank accounts online from a smartphone or tablet.

Smartphone users are showing favor for mobile banking and mobile commerce in general

According to the Federal Reserve, 39% of smartphone owners are actively using a mobile banking application, an increase from the 33% of consumers that did so in 2013. The agency has also made note of an increase in mobile payments in 2014. The agency’s information shows that 22% of smartphone owners made a mobile payment in 2014, up from the 17% of mobile consumers that did so in 2013. Notably, the vast majority of those that did make a mobile payment did so by using QR codes, which have become a very powerful mobile commerce tool.

Banks are seeing more mobile activity thanks to new payment services that have been launched recently

Mobile Payments Thriving in USABanks in the United States expect mobile banking and payments to gain popularity. One of the reasons more consumers are showing interest in mobile payments has to do with the launch of new services, such as Apple Pay. Most of the country’s major banks signed up to support Apple Pay when it launched in October of 2014, and many have seen an increase in mobile payments activity since then. According to Apple, $2 of every $3 spent across Visa, MasterCard, and American Express networks is being made through Apple Pay.

Better security features are making consumers more comfortable with the concept of mobile payments

Mobile payments are expected to continue gaining traction throughout the United States. Consumers are becoming less wary of mobile commerce as services become more secure and capable of protecting their financial information.