companies, government organizations, utilities providers and various businesses have already adopted some of the newest technologies to allow customers to pay fees more easily. This can often let individuals pay on time or earlier because of increased convenience. Retailers are taking note of this strategy and are working together to allow easier payment options.
Google Wallet has been the market leader in terms of mobile payments for some time. The technology allows individuals to make purchases in stores using their smartphone. The option can appeal to people of all financial backgrounds and could provide a way for the under or unbanked to facilitate purchasing options when they are short on cash. However, many merchandisers are looking to end the Google monopoly on the payment method and are banding together to develop their own mobile payment option. MCX at early stage, looks promising
The new mobile plan has been named Merchant Customer Exchange (MCX) by the dozen merchants who have decided to wage a payments war with Google, according to The Wall Street Journal. The source named Wal-Mart, Target, 7-Eleven, CVS and Best Buy among the retailers who support the mobile technology. MCX is not just up against Google Wallet - Isis, a collaboration between multiple mobile carriers, will most likely be a major competitor as well, and Verizon is also developing its own payment plan, The WSJ noted. The new venture, however, will be offering targeted promotions for consumers that use MCX to draw shoppers to the option. The WSJ said there is no set launch date, nor have the retailers elected a CEO to oversee implementation, but the new technology looks promising as more consumers make the switch over to mobile payments. Google expanding technology
Despite the new advances, Google Wallet remains the leader in mobile payments. According to Business Insider, the company is capitalizing on this and choosing to offer users more options when using their smartphone to make purchases. The source said Google is looking into expansion, and hopes to allow individuals to use the mobile application to store gift card amounts, travel boarding passes, concert tickets and other passes on phones. This move could further reach out to the under and unbanked population, as the use of gift cards could be advantageous, becasue they would not have to link to a bank account. Business Insider reported this type of new technology is already being used by Apple's Passbook app to streamline transactions and admittance into various arenas.