National retailers move forward with mobile payments cooperative

One of the biggest developments in mobile payments in 2012 was a move by national chains to control their mobile commerce through a cooperative venture called the Merchant Customer Exchange (MCX), according to Mobile Payments Today.

In reviewing mobile's place in the payments industry last year, the website stated the move begun by Walmart, Target, CVS, Lowe's and Best Buy ?was intended to take consumer purchases made ?by prepaid ACH cards and credit cards on their smartphones out of the hands of third-party providers. It also enabled the retailers to offer combined discounts, marketing campaigns and technology from their own mobile platform.

MCX was unveiled in November 2012 but isn't expected to become available to consumers until later this year. Retailers that have joined the venture so far account for approximately $1 ?trillion in annual sales, reports Mobile Payments Today. The cooperative calls its plan a new mobile payment solution that is focused on the customer, widely used and securely delivered.

Other retailers that have joined since last year's starting period include Banana Republic, Gap, Dillard's, Dunkin' Brands, 7-Eleven,Bed Bath & Beyond, Old Navy,Sears, Sam's Club, Baskin Robbins, Christmas Tree Shops, Dick's Sporting Goods,Michael's and Kmart.