North American consumers are on pace to spend $44 billion on in-store mobile wallet transactions in 2017, up from just $500 million in 2012, according to a new forecast issued by research firm Berg Insight.
It's been roughly nine months since more than a dozen leading U.S. retailers including Walmart, Target, Best Buy, Sears and 7-Eleven first banded together to create Merchant Customer Exchange, a nationwide mobile commerce network designed to support smartphone-enabled purchases, consumer offers and mobile marketing promotions. The MCX initiative remains a work in progress, but here's what we know.
Merchant Customer Exchange--the proposed nationwide mobile commerce network spearheaded by retailers including Walmart, Target, Best Buy and 7-Eleven--continues to build out its ranks, announcing Southwest Airlines, Brinker International (parent company of Chili's Grill & Bar and Maggiano's Little Italy), Pacific Convenience & Fuels and RaceTrac will support its forthcoming digital wallet.
Merchant Customer Exchange--the proposed nationwide mobile commerce network spearheaded by retailers including Walmart, Target, Best Buy and 7-Eleven--has selected digital security firm Gemalto to build its mobile wallet.
Walmart, the world's largest retailer, said it is only interested in mobile commerce applications that offer multiple use cases, stating that partnering with third-party payment networks such as Google Wallet and Isis doesn't make sense for its business.
More than a dozen leading U.S. merchants are banding together to create their own nationwide mobile commerce network designed to rival efforts like Google Wallet and Isis, the point-of-sale initiative spearheaded by Verizon Wireless, AT&T and T-Mobile USA.