Current C - Company Profile

CurrentC is a mobile payments application offered by Merchant Customer Exchange (MCX) company. CurrentC uses QR codes displayed on a cashier’s screen and scanned by the consumer’s phone or vice versa to initiate and verify the transaction. The system is also designed to automatically apply discounts, use loyalty programs, and charge purchases to a variety of payment methods without passing sensitive financial data to the merchant. MCX had a deal to use Paydiant’s white-labeled mobile wallet system on the backend that works with ACH to reduce fees. The company is run by merchants including Walmart, Target, Best Buy, CVS, Shell Oil, Darden Restaurants (Olive Garden), HMSHost (airport restaurants), Hy-Vee (supermarkets), Lowes, Michaels, Publix Super Markets and Sears which together operate over 110,000 retail locations and process over $1 trillion in payments annually. Wal-Mart VP and Assistant Treasurer Mike Cook is considered the MCX group’s de facto CEO.