April 29, 2015
MCX CEO Dekkers Davidson has left the organization to pursue other opportunities, according to an official press release. Dekkers has left the company at a time when the retail consortium is undertaking the mobile payments initiative CurrentC. MCX launched a beta version of CurrentC last fall under Davidson’s lead, but it’s still unclear when the official launch would take place. It is being speculated that CurrentC will be launched by the middle of this year, but with Dekkers leaving the firm, the future for CurrentC seems hazy.
MCX has also found a replacement for Dekkers, in financial services and payment industry veteran Brian V. Mooney, who will be joining the company as interim CEO. Mooney was most recently CEO and a board member of Bank of America Merchant Services. He was previously Chief Financial Officer, and later President, of First Data Merchant Services. Although Mooney seems well qualified to head the CurrentC initiative, considering the fact that CurrentC still hasn’t come out of beta phase despite past promises, the future of CurrentC seems uncertain.
As reported by CIO magazine, it seems that CurrentC is to be launched in the middle of this year. But with the CEO leaving and with the notable previous failed attempts of launching CurrentC, things look very tentative. It was expected that CurrentC would be launched by the end of 2014, then later it was expected to launch earlier this year, and now the company is citing the middle of 2015. But the major shift in top management can completely change the scenario for CurrentC.
The news also comes at a time when Best Buy, one of the key members of MCX, has joined the Apple Pay initiative. Meijer, another MCX member, has been adamant on using Apple Pay. The current situation shows that CurrentC may have already missed its chance to impact the competition. Competitors like Apple Pay are increasing their transaction numbers day by day. MCX’s major backer in mobile payments (Paydiant) is itself now part of PayPal, who might not want Paydiant to run a competing mobile payment system (CurrentC).
New revelations highlight that MCX will eventually support other payment technologies besides QR codes, such as NFC and Bluetooth Low Energy. It has come to light that MCX might be in talks with credit card companies to broaden the scope of the CurrentC mobile wallet service. Bringing Apple Pay into the picture, current MCX members who wish to accept Apple Pay exclusively won’t be fined, but will have to leave MCX eventually. However, Meijer, an MCX member that is adamant on using Apple Pay, has yet to be barred from the membership of the consortium.