Major Retailers Join Forces for Mobile Wallet Venture "Merchant Customer Exchange"
August 15, 2012 5:40 PM
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Among the retailers involved are Wal-Mart and Best Buy
Several major retailers have come together to form a new company that is creating its very own
mobile wallet application
The new company is called Merchant Customer Exchange (MCX), and the retailers involved are Best Buy, 7-Eleven, Target,
, Sears, Shell Oil, Sunoco, Lowe's, Publix Super Markets, Alon Brands, CVS Pharmacy, Darden Restaurants, HMSHost, and Hy-Vee.
MCX plans to use the power of each of these major retailers to create a strong mobile wallet app for smartphone users. Together, all of these retailers rake in about $1 trillion in annual sales.
Mobile wallets eliminate the need for cash and credit cards, allowing customers to pay for every day items at store registers using only their smartphones. The MCX platform will provide promotions, retail programs and customized offers for customers as well.
"MCX will leverage mobile technology to give customers a faster and more convenient shopping experience while eliminating unnecessary costs for all stakeholders," said Mike Cook, corporate vice president and assistant treasurer for Wal-Mart. "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."
It's odd to see some brick-and-mortar retailers working together on such an effort, since many of them are direct competitors, but one thing that these kinds of retailers do share is their lack of presence in the technological realm. Stores like
Best Buy and Wal-Mart were complaining
about Internet retailer
when it wasn't collecting sales taxes certain U.S. states. The retailers fell behind the Internet's lead and is now looking to use technology for help.
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RE: Credit Card Fees
8/16/2012 11:15:07 AM
Credit fees are part of this. But, I think the larger part is the marketing capability. This is the brick and mortar version of the 3rd party cookie. All of these companies will be able to see and do analysis on what you've purchased, buying habits, etc. Big data is becoming more and more important to companies.
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