Top Retailers Enter the Mobile Wallet Fray
Aug. 16, 2012
With Google and several of the major carriers already engaged in high-profile mobile payments ventures, another major faction was heard from yesterday. More than a dozen of the largest retailers in the U.S. including Walmart, Target, Best Buy, Sears, 7-Eleven and CVS Pharmacy have formed a new company that will develop its own mobile wallet. Beyond the companies involved and the name of the venture, however, details about Merchant Customer Exchange were scarce.
The company has not named a CEO, nor has it set a timetable for when its mobile platform would be ready for launch. But, payments industry experts have expected retailers to enter the mobile payments space for some time.
“MCX will leverage mobile technology to give consumers a faster and more convenient shopping experience while eliminating unnecessary costs for all stakeholders,” said Mike Cook, corporate vice president and assistant treasurer, Wal-Mart. “The MCX platform will employ secure technology to deliver an efficiency-enhancing mobile solution available to all merchant categories, including retail stores, casual dining, petroleum and e-commerce.”