The Wall Street Journal just revealed a group of major U.S. retailers, dubbing themselves as the “Merchant Customer Exchange,” look to unveil a mobile payments network and app today that will directly rival Google Wallet and similar services.
The mobile payments arena is clouded with regulators, competitors, tech, and now a network that each aim to profit on the looming cash cow—even though it has yet to take root due to all the interference. Just last week, for instance, Electronic Transactions Association CEO Jason Oxman announced the newly formed Mobile Payments Committee that boasts representation from the four leading U.S. carriers.
The Merchant Customer Exchange, however, specifically wants to add a universal app to the ever-growing pile that will give Google Wallet, as well as carrier-led ISIS and mobile payments companies like PayPal and Square, a run for its money.
The Wall Street Journal first detailed the group’s origin in March. The specifics were brief—over a dozen retailers teaming to get a piece of the pie— but more information is now available. Walmart, Target, 7-11, Sunoco, Best Buy, CVS, Lowe’s, Sears, Royal Dutch Shell, Publix, etc., are just a few of the retailers, which eye combined sales of roughly $1 trillion annually, that want to pipe “deals” to their customers while investing in the mobile payments landscape.
It is worth mentioning that retailers can crop consumer data through the MCX app and network, which in turn could help them to better hone and target ads, but the app will also enable devices to “tap and pay” for purchases via a reader in stores.
“As merchants, no one understands our customers’ shopping and payment experience better than we do, and we’re confident that together we can develop a technology solution that makes that experience more engaging, convenient and efficient,” said Best Buy President of Financial Services Mark Williams in a statement.
Walmart Corporate Vice President and Assistant Treasurer Mike Cook added that the mobile app would also cut costs and make shopping faster. Meanwhile, the group said it would name more retailers as new members in the coming months.
Get the full story at The Wall Street Journal.
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