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Big-name U.S. retailers join forces to create mobile payment solution

Updated 4 years ago

A number of big-name retailers including Walmart (WMT), Best Buy (BBY) and Target (TGT), have joined forces to create a company that will give customers another way to make payments with their smartphones, the Associated Press reported on Wednesday. The company, called Merchant Customer Exchange, is in the process of developing a mobile application that will offer customers a variety of coupons, rebates and access to loyalty programs, across nearly all smartphone platforms.

“As merchants, no one understands our customers’ shopping and payment experience better than we do, and we’re confident that together we can develop a technology solution that makes that experience more engaging, convenient and efficient,” Mark Williams, president of financial services for Best Buy, said.

The new venture looks to compete against the recently announced Mobile Payments Committee, a group of mobile service providers and companies that are looking to unite the mobile payment industry.