USA: Retail industry Working On its Own System for Mobile Payments

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A group of American retailers, including Walmart and Target, are working on their own system for mobile payments. This is their way of avoiding being dependent on providers such as Google and Visa.

The consortium is good for 1.4 trillion dollars’ turnover. The idea is to develop a system with which customers can easily settle up at check-outs using their smartphone. This means the retailers are entering directly into battle with the banks, credit card-providers, telecom-businesses and technology-businesses.

Customer binding

The system that the retailers are developing will not only facilitate payments via NFC-technology, but also provide options for customer binding. The reason that retailers are doing this themselves is thought to be that they do not want third parties to force them to purchase hardware and software and because of the anxiety that customer data may be left lying around due to security leaks. Furthermore, it will mean more emphasis can be placed on rapid settlements of payments at check-outs.

Google Wallet

This project means the retailers are entering into battle with Google Wallet, a system of van Paypal’s, as well as initiatives of other large providers of mobile telephone services. Credit card companies are also working on mobile payment solutions.

Source: Distrifood

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