Mobile Commerce

MCX Jazzes Up CurrentC With Digital Deals

Merchant Customer Exchange (MCX), which is the enterprise behind CurrentC, the as yet widely launched payments platform, said on Wednesday (Aug. 26) that it has debuted a strategic partnership with Inmar, Inc.

Inmar operates within promotions management and processing, the companies said in a statement, and the relationship will allow CurrentC users to “find and redeem” digital promotions. Those same promotions can be applied to purchases automatically at checkout, a process that allows users to deploy their mobile devices “seamlessly,” the statement noted.

Under the terms of the deal, Inmar will offer up its existing relationships with manufacturers and its digital coupon technologies to help provide MCX with content. While giving the nod to promotions already existing as part of the mobile payment experience, the key differential here is consumer access to individual brands and offers that are redeemable through apps across several retailers.

The deal takes shape as CurrentC continues to roll out its beta testing in Columbus, Ohio. That comes three years after the mobile technology was founded through retailers that included Best Buy, Walmart and Target. There’s been a bit of lost momentum as former consortium members that had once pledged allegiance to the new platform, such as CVS and Rite Aid, have declared that they will support Apple Pay in their stores. Best Buy itself said this year that it would abandon its exclusivity deal with MCX once the deal was up during the summer.

As the payments platform looks to debut against Apple Pay and other competitors, the statement noted that digital coupons are striking a chord among shoppers — with redemptions of those types of promotions up 57 percent in the first half of 2015, a greater than 50 percent redemption tally that has been going on for five straight years.

To check out what else is HOT in the world of payments, click here.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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