Large Retailers Reject ApplePay to Create Own Mobile Payment App: CurrentC

October 26, 2014 06:19 UTC

A large number of merchants are actually building their own mobile payment app called CurrentC. As it turns out, it isn’t just the Bitcoin community that has said “meh” to Apple’s supposed new innovation in the mobile payments industry: ApplePay. While some companies, such as Best Buy and WalMart, have been very vocal in cutting out Apple as a middleman, others have taken more subtle steps. Recently, Rite Aid and CVS, two giants in an industry that mobile payments wants to enter very badly, decided to modify and/or shut off NFC readers already installed at their locations. Many retailers across many merchants have a bunch of technology that they can’t actually use effectively yet. The exit of NFC at some of these retailers also closes the possibilities of Google Wallet or Softcard integration.

Also read: ApplePay Double Spends Users’ Money: Bitcoin User Not Affected

CurrentC or ApplePay?

Target, Walmart, Best Buy, 7-Eleven, Kmart, and many other companies first joined together in 2012 to take on the mobile payments industry from their own corner. The project was first revealed as the Merchant Customer Exchange (MCX) in 2012 and has since evolved into CurrentC. Other partners in the project include Shell, Sunoco, Lowe’s, CVS, and all of Darden restaurants.

Despite Apple’s support from banks and credit card companies, merchants (such as the ones behind CurrentC) have been much slower on the uptake. Remember that ApplePay’s official entrance into the market with the iPhone 6 has marked the beginning of the mobile payments industry wars. eBay and PayPal even split up so PayPal could more effectively maneuver in its increasingly competitive industry. Bitcoin isn’t something that necessarily competes directly with these systems. Don’t be surprised when in the future CurrentC, PayPal mobile, and even ApplePay eventually acquiesce and start accepting Bitcoin to better serve their non-American customers.

What do you think about ApplePay’s fizzly start? Comment below!

Images from Shutterstock.

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Caleb is a graduate of the University of Virginia where he studied Economics, East Asian Studies, and Mathematics. He is currently pursuing his MSc in Digital Currency at the University of Nicosia.