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Wal-Mart, Target among retailers planning NFC mobile payment system

News by Michael Oryl on Saturday March 03, 2012.

industry news · michael oryl

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NFC Mobile Payments
NFC Mobile Payments

According to The Wall Street Journal, its sources have informed it that Wal-Mart and Target are teaming up with roughly twenty other retailers to develop a new phone-based mobile payment system that is meant to compete with Google's Wallet and Isis, the mobile payment initiative formed by Verizon Wireless, AT&T, and T-Mobile USA.

So far no NFC(INFO) based payment system has managed to get a foothold in the U.S. market, which all parties involved expect to be worth a lot of money in the future. As such, carriers, credit card processors, and now the retail organizations that sell much of the wares consumed by the country are all clamoring gain a foothold.

Since NFC-capable phones are relatively uncommon, it seems quite possible that the myriad options for mobile payments will only ensure that no system becomes dominant enough to actually matter. At least for the foreseeable future.

While Apple has yet to stake a claim in the NFC gold rush, it is believed that the company's next generation smartphone, which is commonly called the iPhone 5, will support NFC, and that this could be the kick-start that mobile payments in the U.S. needs. Of course, Apple could always launch its own payment system that ensures it gets a cut of the profits, as it has done with online publishing. Such a move could disrupt any chance that the current players have at gaining momentum.

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Michael Oryl
Michael is the Philadelphia based owner and former editor-in-chief of MobileBurn.com. You can follow him on Twitter as @MichaelOryl

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