Retail News Breaks Archives
Retailers form company to develop 'mobile wallet'
August 15th, 2012
DALLAS – Major pharmacy chains have joined with other leading U.S. retailers to form the Merchant Customer Exchange (MCX), a new company that aims to provide consumers with a mobile wallet solution that would combine the convenience of paying at the register with customized offers.
MCX said Wednesday that its retailers include CVS/pharmacy, Hy-Vee, Publix Super Markets, Target, Walmart, Sears Holdings, 7-Eleven, Alon Brands, Best Buy, Darden Restaurants, HMSHost, Lowe's, Shell Oil Products US and Sunoco.
Development of the Merchant Customer Exchange mobile application is under way. The company said the initial focus will be on providing merchants with a mobile commerce solution that can seamlessly integrate a wide range of consumer offers, promotions and retail programs. The application will be available through virtually any smartphone, MCX added.
"MCX will leverage mobile technology to give consumers a faster and more convenient shopping experience while eliminating unnecessary costs for all stakeholders," Mike Cook, corporate vice president and assistant treasurer at Walmart, said in a statement. "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."
Although all of the current MCX retailers boast a large scale, MCX said it plans to address the needs of financial institutions and merchants of all sizes to better serve consumers in the expanding mobile marketplace.
"We believe MCX is uniquely qualified to offer the most comprehensive mobile payment options for consumers," stated Terry Scully, president of financial and retail services at Target Corp. "By participating in MCX, merchants are in a position to effectively deliver innovative payment approaches that aren't available today."
MCX added that it expects to announce more members during the coming months. Combined, MCX's initial retailers serve nearly every smartphone-enabled American and represent about $1 trillion in annual sales.
"As merchants, no one understands our customers' shopping and payment experience better than we do," commented Mark Williams, president of financial services at Best Buy, "and we’re confident that together we can develop a technology solution that makes that experience more engaging, convenient and efficient."