Major retailers try to tackle mobile payments - News - Know Your Cell

Major retailers like Wal-Mart, 7-Eleven, Target and Best Buy are trying to help you pay for products with your smartphones and they've teamed up to create a mobile payment company to tackle this issue.

The joint venture is called the Merchant Customer Exchange?and it will create a smartphone app for iOS and Android that will let the merchants accept payments, as well as offer promotions. The vision is to create an over-arching app infrastructure so that each individiual retailer doesn't have to spend the money to build one from scratch. Other companies in the join venture include Lowe's, CVS, the owners of Red Lobster and Olive Garden and Sears.?

It's unclear what route this will go down to actually provide the payments, as it could potentially use NFC, Bluetooth 4.0 or another technology. The initial public push may be around the marketing and promotional opportunities for merchants, but the mobile payment space is quickly heating up.?

Google Wallet is trying to tackle this space using NFC while three of the major carriers have teamed up to tackle mobile payments with ISIS. There's also a rash of startups trying to help you replace your wallet with your cell phone and companies like GoPaGo and LevelUp have achieved various levels of success. Square recently signed a major deal with Starbucks for its mobile payment system and this may the service to beat moving forward.?

[Via USA Today]

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Source: http://www.knowyourcell.com/news/1539887/major_retailers_try_to_tackle_mobile_payments.html

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