In an interview with Re/code, Dekkers Davidson, CEO of Merchant Customer Exchange, the company behind CurrentC, said the exclusivity agreement prohibiting retailers from allowing other mobile payment systems in their stores is set to expire in “months, not years.” He also noted that MCX did not ask early partners to turn off Apple Pay. CurrentC is expected to formally launch in 2015.
CVS and Rite Aid halted their rollout of Apple Pay in October because they were contractually obligated to use the payment network from Merchant Customer Exchange. Though more cumbersome to use than Apple Pay, CurrentC allows customers to link their payment accounts with rewards programs and coupons. However, the mobile payment system isn’t inspiring confidence in consumers, given the news that hackers breached CurrentC and stole users’ email addresses during early testing.