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Wal-Mart and Best Buy lead group of retailers building mobile payments product

News by Andrew Kameka on Wednesday August 15, 2012.

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Wal-Mart, Target, Best Buy, and several other companies have announced plans to create a mobile payments joint venture. The retailers formed the Merchant Customer Exchange, or MCX, to create a standard system to accept mobile payments in thousands of stores throughout the U.S. The group is little more than a name and an idea at the moment, as it has yet to name a CEO or partner with any bank to process payments.

MCX has the potential to be an important player in mobile payments despite its lack of concrete plans. The group represents retailers who process $1 trillion in sales annually, which is attractive to payment initiatives like Google Wallet and ISIS. MCX might compete with those products, but there's a slim chance it might work with more established groups in the field. Wal-Mart Vice President Mike Cook told the Wall Street Journal, "We're open to all partners, but it has to be beneficial to member merchants in a way that improves the system and doesn't layer on additional costs."

MCX is searching for a CEO to lead the project. Here's a complete list of the companies that have signed on to participate.

- 7-Eleven
- Alon Brands
- Best Buy Co.
- CVS/pharmacy
- Darden Restaurants
- HMSHost
- Hy-Vee, Inc.
- Lowe's
- Publix Super Markets
- Sears Holdings
- Shell Oil Products US
- Sunoco
- Target Corp.
- Wal-Mart Stores

source: MCX, via: Wall Street Journal

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Andrew Kameka
Andrew is based in Miami, Florida.

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