Some of America’s biggest mainstream retailers, including Walmart, Target, and Best Buy among them, are partnering to create a mobile wallet system.
It will compete against Google Wallet, Square, PayPal and others promoting US adoption of the mobile wallet concept. The retailers participating in what is being called the Merchant Customer Exchange (MCX) account for approximately $1 trillion in annual sales.
In addition to those aforementioned, other retailers involved include: 7-Eleven; CVS/pharmacy; Darden Restaurants (Olive Garden and Red Lobster); airport concession giant HMSHost; Lowe’s; Hy-Vee; Publix Super Markets Inc.; Sears Holdings; Shell Oil; Sunoco; and Alon Brands.
MCX is expected to be available using virtually any smartphone and will combine convenient transactions with customizable special offers.