News

Report: Major retailers teaming on their own mobile wallet

March 1, 2012

The Wall Street Journal is reporting a group of about two dozen retailers, including big box retailers Wal-Mart Stores Inc. and Target Corp., have been working together on a mobile payment system. Though it doesn't give any details on the technologies involved, the article says the mobile payment system would be a contactless payment method similar to, and competitive with, Google Wallet or the Isis Mobile Wallet.

According to sources, retailers involved in the project aren't happy with how existing mobile payment products are shaping up and have concerns over security and consumer privacy.

"A number of merchants are surveying the first generation of solutions and have decided they need to and can build a better system," payment consultant Steve Mott told the Journal. Mott's firm BetterBuyDesign is working with the retailers, the article said.

While a retailer-backed mobile payment system would certainly be an interesting development, the article is short on specifics. From the post:

"The identity of most of the merchants participating in the retailers' venture isn't known, and people with knowledge of the project weren't specific about how the venture would work. Other details couldn't be determined, including the name and when such a product will be launched."

 A statement from Target to the Journal simply said the company is exploring potential solutions but "isn't prepared to share specific plans publicly at this time."

More details as they become available. 

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