Note: This article was initially published on the digital marketing site DigitalCoCo on 7/20/16.
In an era where technology has begun to dominate almost every aspect of society, it’s hard to say which facet has evolved the most. There is no doubt, however, that payment methods have been affected. A clear reflection of this idea comes in the form of the emergence of mobile payment systems.
While almost everyone is familiar with the online payment system giant PayPal, mobile platforms such as Apple Pay and CurrentC may seem more foreign to many.
Tech Target defines mobile payment, or m-payment, as, “a point-of-scale transaction made or received with a mobile device.”
They explain the allures of convenience and security as the driving factors behind this recent trend.
However, if you aren’t familiar with any of these m-pay platforms, have no fear, there’s one less you need to know about.
A report by CNet announced that CurrentC, Apple Pay’s most popular rival, closed its doors on June 28. This shutdown was thorough; all accounts were disabled, the app was removed from all app stores that offered it and all locations that allowed it no longer do so.
CNet noticed an interesting twist on CurrentC’s closure, however.
“The twist behind CurrentC is that it was backed by a consortium known as the Merchant Customer Exchange, or MCX, which consisted of merchants such as Walmart, Best Buy, CVS and Rite Aid,” said the report. “But the group has faced tough competition from Apple, Samsung and other players.”
In other words, despite being backed by giants like Walmart and Best Buy, CurrentC was still overtaken by Apple Pay.
MCX was unclear as to whether the m-payment app would ever make a comeback, but a spokesperson for the company announced plans to analyze the data gained from the app’s initial run.
According to CNet, there are some logical culprits behind the shutdown that are evident even before MCX’s data analysis. The report credited hackers, the CEO of MCX stepping down, a lack of expansion and frequent layoffs as some of the logical answers to the question of why CurrentC failed.
However, CNet also mentions the app’s reliance on QR codes to make purchases, as opposed to the commonly used fingerprint method, as a culprit to CurrentC’s downfall.
While the future is unknown for CurrentC, it is clear that mobile payment is not a trend that will be dying anytime soon. Both Apple Pay and Android Pay continue to gain traction, and therefore, the industry with it.