WSJ: Target, Walmart, other retailers teaming up to take on Google Wallet

Google's certainly not alone in its vision of a future in which the smartphone makes credit cards go the way of the Palm Pilot. The software giant may have gotten a bit of a head start on some of the others, but it's already got some stiff competition in the form of the carrier-led Isis and a slew of new initiatives unveiled at MWC. According The Wall Street Journal, the field may soon be getting even more stiff competition. Walmart and Target have reportedly joined two dozen or so fellow retailers to develop a mobile payment system to call their own. While most of the participants have yet to be named, the list includes a pretty broad spectrum of companies, including fast food joints, big box retailers and drug stores. Google, for one, welcomes such competition, telling the paper, "We think it's great that there are other companies innovating in the payments space. This will create more choice for consumers, and in the end we believe choice is a good thing." No word on when exactly the initiative is set to launch.