MCX has turned to banking industry veteran Brian Mooney (pictured) of Bank of America Merchant Services to take over from Dekkers Davidson, who is leaving "to pursue other opportunities". The group insists that Davidson's sudden departure is in no way connected with Best Buy's decision to jump into bed with Apple.

MCX, whose owners include some of the largest merchants in the US, is piloting its own payments app, CurrentC, which relies on QR codes and does not include support for the NFC technology deployed by Apple Pay, and other competitors such as Google and Samsung. The company has so far relied on exclusivity agreements with member firms to keep out competitive products, making Best Buy's move a potentially disruptive distraction.

Mooney, who is being appointed as 'interim CEO', has impeccable credentials for the position. Most recently CEO and a board member of Bank of America Merchant Services, Mooney oversaw all aspects of client engagement, product strategies including mobile, sales, operations, risk, and compliance. He was previously CFO, and later president, of First Data Merchant Services, which provides payment technology and services to millions of merchants including many with global operations.

In a statement announcing the appointment, MCX says: "Brian is a proven leader who has spent a substantial portion of his career at the forefront of payment technology, processing and acquisition. He is the right leader for MCX now: talented, experienced, consumer-focused, and fully prepared to help MCX and its hard-working employees deliver on the company’s enormous potential and vision.”