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Definition: CurrentC


An earlier mobile payment system from Merchant Customer Exchange (MCX), a consortium of retail vendors founded in 2012 that included Walmart, Best Buy, CVS, Lowes, Target and many others. The goal was to eliminate the fees merchants paid to the credit card companies.

Rather than use the NFC transmission method as in Apple Pay and other systems, a CurrentC transaction was accomplished when the user scanned a QR code with the CurrentC smartphone app at an MCX terminal. In 2016, CurrentC was abandoned, and JPMorgan Chase acquired the technology the following year. See mobile payment service.