Merchant Customer Exchange
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| LLC | |
| Headquarters | Waltham, Massachusetts, United States |
| Website | http://www.mcx.com/ |
Merchant Customer Exchange (MCX) is a company created by a consortium of U.S. retail companies to develop a merchant-owned mobile payment system, which will be called "CurrentC." The joint venture was announced on August 15, 2012.
The company is led by merchants such as 7-Eleven, Alon Brands, Best Buy, CVS Health, Darden Restaurants, HMSHost, Hy-Vee, Lowe's, Michaels, Publix, Sears Holdings, Shell Oil Products US, Sunoco, Target Corporation and Walmart. The initial retailers that are part of the new company account for about $1 trillion in annual sales.
In March 2017, the technology developed by MCX was purchased by JPMorgan Chase for its Chase Pay system.
MCX's flagship product is CurrentC, a mobile payments platform. The system utilizes a smartphone app and digital wallet: to make a purchase, the user scans a QR code shown on the cashier's screen, or has the cashier scan a QR code from the phone's screen. Instead of transmitting financial data over the internet, the transaction uses a token placeholder that is then converted by the financial institution to initiate the Automated Clearing House (ACH), gift card, private label charge card or other type of payment and charge the consumer. The CurrentC app also includes features that will help the user locate a retailer, display coupons, display loyalty program details, and track receipts using data collected from transactions and the user's device.
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