Leading Retailers Form Merchant Customer Exchange to Deliver Mobile Wallet
A group of the nation's leading merchants announced today that it has formed Merchant Customer Exchange (MCX), a new company dedicated to offering consumers a versatile mobile-commerce experience that will combine the convenience of paying at the register with customizable offers.
"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."
Development of MCX's mobile application is underway. The initial focus centers on offering merchants a mobile-commerce solution capable of seamlessly integrating a wide range of consumer offers, promotions and retail programs. The application will be available through virtually any smartphone.
MCX includes merchants such as: 7-Eleven, Inc.; Alon Brands; Best Buy Co., Inc.; CVS/pharmacy; Darden Restaurants; HMSHost; Hy-Vee, Inc.; Lowe's; Publix Super Markets, Inc.; Sears Holdings; Shell Oil Products US; Sunoco, Inc.; Target Corp. and Wal-Mart Stores, Inc. Combined, these initial members serve nearly every smartphone-enabled American and account for approximately $1 trillion in annual sales. While current MCX merchants have unmatched scale, MCX intends to address the needs of financial institutions and merchants of all sizes to better serve consumers in the growing mobile marketplace.
"MCX will leverage mobile technology to give consumers a faster and more convenient shopping experience while eliminating unnecessary costs for all stakeholders," said Mike Cook, corporate vice president and assistant treasurer, Wal-Mart. "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."
"We believe MCX is uniquely qualified to offer the most comprehensive mobile payment options for consumers," said Terry Scully, president of financial and retail services, Target. "By participating in MCX, merchants are in a position to effectively deliver innovative payment approaches that aren't available today."
"As merchants, no one understands our customers' shopping and payment experience better than we do, and we're confident that together we can develop a technology solution that makes that experience more engaging, convenient and efficient," said Mark Williams, president of financial services, Best Buy.