Yesterday, ETCentric reported that top carriers including AT&T, Verizon, Sprint and T-Mobile have teamed to launch a task force in an effort to create a standardized mobile payment solution. Now, retailers are joining forces for a new mobile wallet solution.
Best Buy, Target and Walmart are among the top retailers who have jointly created Merchant Customer Exchange (MCX), a new mobile wallet solution aimed to rival Square and Google Wallet.
Merchant Customer Exchange promises “a versatile mobile-commerce experience that will combine the convenience of paying at the register with customizable offers,” reports The Verge.
“The mobile payment landscape has rapidly evolved in recent months,” notes the post. “Square entered into a major partnership with Starbucks, all four major U.S. carriers teamed up with ISIS and Google, and Google Wallet was completely overhauled — and that’s just in the last two weeks.”
Specifics have yet to be announced for the offering still in development, but the main advantage to MCX over Square or other mobile payment systems may be that the corporate partners can include special offers within the application.
The retailers have not announced a time frame for MCX’s release, but promise to release additional information within the next few months.
“While there’s a huge number of competing mobile payment services fighting to break out of the pack, the tremendous retail support behind MCX means it has at least as good a shot as any of the other options,” comments The Verge.
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