Walmart, Target to deliver mobile wallet to consumers

New York -- Following Wednesday reports that large retailers such as Wal-Mart Stores, Target Corp. and 7-Eleven are developing a mobile payment network, Wal-Mart confirmed on Thursday that a new company has been formed by Wal-Mart and other leading U.S. retailers to develop and deploy an m-commerce solution much like the Starbucks Square initiative that was announced last week.

The group, Merchant Customer Exchange, will integrate a range of consumer offers, promotions and retail programs available via any smartphone. Retailers participating in the MCX include, besides Wal-Mart, CVS/pharmacy, Hy-Vee, Publix, Sears Holdings Corp. and Target, among others. Additional members are expected to be announced in the coming months.

"MCX will leverage mobile technology to give consumers a faster and more convenient shopping experience while eliminating unnecessary costs for all stakeholders," Wal-Mart corporate VP and assistant treasurer Mike Cook said. "The MCX platform will employ secure technology to deliver an efficiency-enhancing mobile solution available to all merchant categories, including retail stores, casual dining, petroleum and e-commerce."

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