Retailers who opt to use the CurrentC mobile payment system must do so exclusively, dropping access to rival services including Apple Pay, according to a blog post from the creators of CurrentC.
In a statement Wednesday, the Merchant Customer Exchange CEO Dekkers Davidson says retailers "make their own decisions" on selecting CurrentC, and any retailers who choose to back out from the service will not be fined.
"When merchants choose to work with MCX, they choose to do so exclusively and we're proud of the long list of merchants who have partnered with us," said Davidson.
The statement follows a report from The New York Times that retailers cannot accept rival payment systems like Apple Pay and breaking MCX contracts result in steep fines.
"Importantly, if a merchant decides to stop working with MCX, there are no fines," says Davidson.
Last weekend, pharmacies Rite-Aid and CVS cut off access to NFC-enabled payment services like Apple Pay. Both companies are part of MCX, and will use the CurrentC payment system. Other outlets joining MCX include Best Buy, Target and Walmart.
CurrentC is a mobile app that processes payments at stores using either QR codes or numeric codes. The app will integrate gift cards, coupons and personal checking accounts. Davidson says the app will also leverage additional technologies including Bluetooth.
Apple Pay, which is available now, uses near-field communication technology, which allows users to simply hold their iPhone 6 or iPhone 6 Plus in front of a special sensor to process a transaction.
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