Walmart, Target, Best Buy, other retailers join the mobile payment race with Merchant Customer Exchange
With all the hoopla about using NFC-equipped devices as a mobile payment solution and how it’s been dubbed as the future, we’d love to know how many people actually use it or even know that they can perform some wireless payment trick on their mobile device. That being said, it seems like every major corporation is trying to get a piece of the action.
Just last week we’re treated with the news about the Mobile Payment Committee that Google, U.S. carriers, and several others have put together. Now the big boys at retails are setting up a similar body called the Merchant Customer Exchange, or the cooler-sounding MCX for short.
The new mobile payment network is spearheaded by Walmart, Target, 7-Eleven, Best Buy, CVS, Lowe’s, Sears, Sunoco and others. While MCX doesn’t currently have a CEO to lead the venture, a total of 14 merchants have already pledged their support and are ready to tackle the likes of Google Wallet, ISIS, Square, and PayPal.
According to the group, merchants have better knowledge on the buying habits of their customers than Google and other competing mobile payment networks. They believe they can persuade customers to make the switch to mobile payment in the name of convenience and faster transactions. Incentives like special offers and promotions for shoppers who make the purchase using the yet-to-be introduced mobile app on their smartphones are also planned.
A recent Gartner market research on mobile payments, as mentioned by the Wall Street Journal, reveals that the value of transactions is expected to top $600 billion worldwide by 2016. It’ll be interesting to see which mobile payment solution will come out on top.