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

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

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

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.