In a series of mobile payment system made available online, Apple Pay has yet again found a new rival, but this time it's not Samsung Pay, but CurrentC.

CurrentC is a smartphone app that sets a mobile payment system made possible by major retail stores such as Target and Walmart. According to CNET, the developers of the new mobile payment system have been working on it for over three years now, and they may need a little more support from its retail backers in order to claim a spot on previous known systems such as PayPal, Apple Pay and Samsung pay.

Like Us on Facebook

The emergence of Apple Pay has brought so much attention to the mobile payment system that has encouraged more consumers to pay for their purchases through these mobile applications instead of cash or credit cards. CurrentC is working on establishing a strong grip against its giant competitors in order to gain consumers to their side.

It can be noted that CurrentC was previously embroiled in a hacking incident that they are trying to downplay, by incorporating different security measures to assure their customers of their online security. When asked about the security breach, Merchant Customer Exchange or MCX, the one responsible in running CurrentC, chose not to disclose any comments about the security issue.

According to TechRadar, the launching of CurrentC will be limited to the United States as issues about the different currencies may affect the probability of a smooth startup. Set to launch in August 2015, CurrentC is haunted by its rival payment platforms such as Apple Pay, Samsung Pay, PayPal and Android Pay. This new generation of payment platform is seen to be the tool in bypassing cash payment and credit card payment in the future.

According to TechRadar, retailers are beginning to ditch Apple Pay in anticipation of the CurrentC payment platform, a move that will certainly dent the  marketing and sales status of Apple Pay.

Last year, it is worthy to note that the mobile payment transactions reached over $3.5 billion, while in 2018, the figures are expected to hit at least $118 billion.

TagsCurrentC, mobile payment transactions, mobile payment platform, Android Pay, Samsung Pay, PayPal