From what I can gather, this
is going to be Apple Pay's competitor. Never heard of CurrentC or MCX? Well, you've seen terminals that support it, probably more than you've seen terminals that support Wallet or Apple Pay. Bestbuy, Target, 7-11, Sears, Lowes, and many more. Everything I'm finding points to MCX has created their own standard for wireless payments and the terminals that support this don't
support anything else. It looks like it's all software based, as there is no need to modify the terminals hardware to support CurrentC, but every terminal that is running that software seems to not accept Wallet or Apple Pay at all. Is MCX really disabling the competition at a software level when they install their software? Here's to hoping Apple Pay makes a big enough dent in the market to bring retailers back to something that supports Apple Pay and Wallet.
Why is MCX and CurrentC so popular? For the same reason you should probably hate it. It looks like they're aiming more for profiting off of data collected. Allowing vendors to build marketing campaigns and promotions off of your transactions, as well as integrate CurrentC in to their own apps. These guys aren't just about sucking up to the vendors, they are the vendors. Seriously. Something like 50 of their top vendors got together and decided to form MCX, they started about two years ago. http://www.mcx.com/
Edit: this is a pretty good read on MCX and Apple Pay http://time.com/3532199/apple-pay-winners-losers/
Edit 2: "Here’s a teaser for my annual predictions column that runs every New Year: CurrentC will fail to gain adoption in 2015 and at least 1/3 of merchants on the list will make clear they will support NFC. That support will allow customers to use Apple Pay — and Google Wallet. CurrentC and MCX will cease to exist before the decade is out."
I hope this person is right. People are irritated enough as it is that their credit cards and debit cards aren't all supported by Apple Pay. I can't imagine a system that starts off with ONLY checking accounts and merchant branded credit/debit/gift cards actually doing that well, but the participating vendors (110,000 of them) seem to think so.
Disclaimer : it's 2am, and I'm tired. I may have missed some stuff. If you notice any inaccuracies in my post feel free to point them out, as well as link to where you found the correct info .