Waltham-Based Apple Pay Competitor Cuts 30 Jobs

WALTHAM, MA - A local company designing a mobile payment product to directly compete with Apple Pay has announced it will cut 30 jobs.

Waltham-based Merchant Customer Exchange is also delaying the national release of its mobile payment app, CurrentC, multiple outlets reported.

The company is a network of merchants from across the country, including Best Buy, 7-Eleven, Dunkin' Donuts, Old Navy and Walmart.

Merchant Customer Exchange CEO Brian Mooney said in a statement that the layoffs were "tough decisions, but necessary steps."

In the meantime, the company will focus on partnering with financial institutions; it recently began working with Chase Bank to develop its own mobile payment service, Chase Pay, according to Fortune.

CurrentC allows customers of participating merchants to access unique rewards, set up payment accounts and automatically receive coupons and promotional deals, according to the company's website.

The cuts impact roughly 40 percent of Merchant Customer Exchange's employees.