MCX Better Fix the Holes in a Sinking Ship

MCX Better Fix the Holes in a Sinking Ship

Mobile payments have seen a lot of players jockeying for position to lead the charge. ApplePay has been at the forefront of mobile payments, while pushing tokenization for security measures. Starbucks has continued to print money in their stores with the use of their Starbucks’ QR code based app. MCX (CurrentC) has been absolutely falling apart at the seams. They got breached right out of the gate, and now one of their biggest backers has moved to ApplePay. This is not just a hole in the ship for MCX; this is multiple canons continuing to fire at the same spot. MCX had better change its course, otherwise it will be sharing ocean floor with the Titanic.

Mobile Payments Adoption

Google Wallet was the first casualty and Amazon had its go in the mobile payments’ space. MCX is careening into obscurity, while Starbucks, ApplePay and several others enjoy continued success letting customers pay with smart devices. These trends are not going away with over 5 billion people using mobile devices this year and that number will climb. It is all about comfortability with new payment options and mobile is opening the door for so many people.

Best Buy Bails & MCX CEO Quits      

Best Buy allowing customers to use ApplePay, which it is contractually bound not to do as a founding member of MCX, sent shockwaves through the payments’ world. We remain invested in MCX,” a Best Buy spokesperson said, but a few short days after that announcement MCX CEO David Dekkers stepped down to pursue other endeavors. MCX was created to battle the card companies and the processing fees. However, they are now “rumoring” the idea of taking credit cards with their mobile application. So, everything they desperately tried to be is sinking fast and now they need something, anything, to have any hope for success. Plain and Simple, make your mobile payment app work. Otherwise, you are just another technology trying to dislodge the payment card companies who have been in business for decades as “payment card companies”.

MCX has Mere Months to Right the Ship      

The payment space moves fast and there are 50 new ISO’s every time you check twitter. Mobile payments are a cost-prohibitive solution that not all companies can afford to execute correctly. The reality is that the payment card companies are presenting the best options for consumers. Visa is processing all ApplePay transactions and stands to benefit greatly as mobile adoption explodes. MCX is a conglomerate of retailers trying to make it in the payment space. Unfortunately, you cannot make a lot of major mistakes and expect to be a real force in the payment sector. MCX has about 6 months to fix their holes, otherwise we will be sending mini-submarines to decipher why they sank.

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Topic(s): payments , data security , PCI DSS , tokenization