Expectations are high that mobile payments represent the future of commerce, and a group of leading retailers this week formed a new organization to offer an alternative way to pay.
The group, Merchant Customer Exchange, will integrate a range of consumer offers, promotions and retail programs available via any smartphone. Participating retailers include Wal-Mart, Lowe's, Sears Holdings Corp. and Target. Additional members are expected to be announced in the coming months.
"We believe that merchants are in the best positions to deliver mobile payments to billions of people," Michael Cook, vp and assistant treasurer of Walmart said in a New York Times article.