Inside This Issue - News
Big retailers to create mobile payment system
August 27th, 2012
DALLAS – CVS Caremark Corp. is part of a group of more than a dozen big retailers that have joined forces to develop a way for customers to use their smartphones to pay for purchases and receive customized offers.
The retailers have jointly formed a new company called Merchant Customer Exchange (MCX). Development of MCX’s mobile application is under way, according to the retail partners, which include Walmart, Target Corp., Hy-Vee Inc., Publix Super Markets Inc. and Sears Holdings, as well as gas station and restaurant operators.
The initial focus centers on offering merchants a mobile-commerce solution capable of seamlessly integrating a wide range of consumer offers, promotions and retail programs, the partners say, with an application that will be available on virtually any smartphone.
“MCX will leverage mobile technology to give consumers a faster and more convenient shopping experience while eliminating unnecessary costs for all stakeholders,” says Mike Cook, corporate vice president and assistant treasurer at Walmart. “The MCX platform will employ secure technology to deliver an efficiency-enhancing mobile solution available to all merchant categories, including retail stores, casual dining, petroleum and e-commerce.”
Adds Terry Scully, president of financial and retail services at Target: “We believe MCX is uniquely qualified to offer the most comprehensive mobile payment options for consumers. By participating in MCX, merchants are in a position to effectively deliver innovative payment approaches that aren’t available today.”
The mobile-payment system the retailers plan to develop will compete with similar systems under development by Google Inc. and Isis, a collaboration of mobile carriers.