MCX: The Future of Mobile Payments
It’s a foregone conclusion that mobile payments are going to be a big part of the future of retailing and consumers have a growing number of options when it comes to paying for purchases using smartphones.
Now comes word that a group of major retail chains have joined together to form Merchant Customer Exchange (MCX), a new company focused on developing a mobile payment experience that also allows merchants to customize offers based on the consumer.
Chains currently involved in MCX include 7-Eleven, Alon Brands, Best Buy, CVS, Darden Restaurants, HMSHost, Hy-Vee, Lowe’s, Publix, Sears Holdings, Shell Oil, Sunoco, Target and Walmart. Others are expected to join in the months ahead.
"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," said Mark Williams, president of financial services, Best Buy.
"These big retailers are doing this because they are not happy with the solutions being pushed on them by the market," Rick Oglesby, a payments expert at Aite Group, told Reuters. "A system designed by merchants for merchants could have a big leg up over the competition."
- Leading Retailers Form Merchant Customer Exchange to Deliver Mobile Wallet – Merchant Customer Exchange/Business Wire
- Big retailers team up on mobile payments plan – Reuters
- Payments Network Takes On Google – The Wall Street Journal
Discussion Questions: What will the creation of MCX mean for the development of the mobile payment industry? How do you think MCX will affect smaller merchants relative to mobile payments?