News by Andrew Kameka on Tuesday October 02, 2012.
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The Merchant Customer Exchange has announced that six new companies have joined its group of retailers that are working to create a mobile payment system run by Best Buy, Target, Wal-Mart, and several other stores. The MCX has added Bed Bath & Beyond; Dillard's; Dunkin' Brands, which operates Dunkin' Donuts and Baskin Robbins; Gap; Sheetz; and Wakefern Food, which operates the ShopRite and PriceRite grocery chains.
Today's announcement adds new fast food restaurants, grocers, and fashion retailers to MCX, a mobile payment venture that has yet to adopt a standard or even select a CEO to run the program. Despite the lack of clarity for its future, MCX has the leverage to influence the way mobile payments are implemented because it has convinced some of the biggest brands in the country to join its effort. Member stores process billions of payments each year, so the collective has more bargaining power than most other mobile payment solutions. Previous comments from when the MCX formed suggest that members are willing to partner with existing mobile payment options.source: MCX
Andrew is based in Miami, Florida.