Overview#CurrentC is a Mobile Payment system utilizes a smartphone app and digital wallet promoted by Merchant Customer Exchange
The CurrentC system utilizes a smartphone app and digital wallet.
TO Make a purchase#The user scans a QR code shown on the Merchant's screen, or has the cashier scan a QR code from the phone's screen.
If a QR code cannot be generated, a numeric code may be manually entered. 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.
CurrentC is built upon technology developed by Paydiant, a startup based in Boston. The system, intentionally, does not support credit cards, as one of its goals is to prevent merchants from having to pay their interchange fees. However, as CurrentC transactions can directly debit customers' banking accounts via the ACH system, consumers do not enjoy the same legal protection against fraudulent charges that is offered by credit and debit cards.