There are a number of mobile payment solutions already available (or soon to be available) out there, but they're nowhere near mainstream. Apple Pay is definitely one of the most popular and well-known options and the same goes for Samsung Pay and Android Pay which were announced earlier this year. It will take some time for payment solution like that to become mainstream, and even though they're very convenient, there are a number of reasons why people don't use it as much. Consumers are still quite aware of the security aspect of it all, and are unwilling to try either of the aforementioned payment solutions. That's not the only reason though, the usability of such payment solutions is quite limited, you can go basically anywhere and pay with cash and a credit card, but that's not the case when it comes to smartphone payments.
That being said, it seems like a new payment solution is right around the corner. CurrentC has been developed by a consortium of retailers under the Merchant Customer Exchange, this includes Target Corp, BestBuy Co Inc. and Wal-Mart Stores Inc. This mobile wallet will appear in stores of various retailers in Columbus, Ohio. "We are currently in a beta with several of our merchants and employees, and we will now extend that beta to the public in the next few weeks," said MCX's CEO, Brian Mooney to Reuters. How does CurrentC work exactly? Well, it lets you pay for items with your phone by pulling up a scannable code in order to initiate the transaction. As a side note, mobile wallets actually account for around 4% of overall payments in the US, and the percentage is even smaller outside of the US.
Brian Mooney has also added that CurrentC actually wants to improve the adoption rate of mobile wallets, considering the current adoption is quite poor. MCX has a number of merchant partners (40), which run nearly 110,000 retail locations. There you have it, it seems like another mobile wallet payment solution is on the way, and it will be interesting to see if they can compete with the already available (or soon to be available) solutions out there. One thing is for sure, competition is always good.