Retailers to partner on mobile wallet app

Wal-Mart Stores Inc. and more than a dozen other major retailers have teamed to created a new company to produce a “mobile wallet” system that would enable customers to pay for purchases using smartphones.

The new entity, Dallas-based Merchant Customer Exchange, gave no timetable for when its system will debut but said development of a mobile application is underway, adding that it expects to sign up additional retailers in the coming months. MCX founding retailers account for $1 trillion in annual sales, and in addition to Wal-Mart include:

Ӣ 7-Eleven,

Ӣ Alon Brands,

Ӣ Best Buy,

Ӣ CVS,

Ӣ Darden Restaurants,

Ӣ HMSHost,

Ӣ Hy-Vee,

Ӣ LoweӪs,

Ӣ Publix Super Markets,

Ӣ Sears,

Ӣ Shell,

Ӣ Sunoco, and

Ӣ Target.

Separately, Google Inc. is developing a mobile wallet option in partnership with MasterCard Worldwide Inc., Citigroup Inc., Sprint and others. Other companies developing mobile wallet systems include Apple, Intuit, PayPal and Visa.

“We believe MCX is uniquely qualified to offer the most comprehensive mobile payment options for consumers,” said Terry Scully, president of financial and retail services for Target, in a prepared statement. “By participating in MCX, merchants are in a position to effectively deliver innovative payment approaches that aren”™t available today.”