Best Buy, Target, 7-11 and others form Merchant Customer Exchange, mobile wallet solution

A group of  leading U.S. retailers announced today they have formed Merchant Customer Exchange (MCX), a company dedicated to mobile-commerce with a mobile wallet app already under development.

MCX is currently composed of merchants like 7-Eleven, Best Buy, CVS/pharmacy, Darden Restaurants (Olive Garden, Red Lobster), Lowe’s, Target, Wal-Mart and others. All together the MCX merchants account for $1 trillion in annual sales, and the group expects to announce more members in the coming months. MCX intends to cater to the needs of financial institutions, merchants and consumers as mobile payments become more common.

Mike Cook, Wal-Mart’s corporate vice president and assistant treasurer said in a statement the MCX platform will use secure, efficient technology that will benefit all merchant categories including retail, dining, petroleum and e-commerce.

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