Report: Retail Giants Work on Mobile-Payments System
Retail giants Wal-Mart Stores and Target Corp. are part of a group of merchants looking at developing its own mobile wallet or payment service, though few details are available, The Wall Street Journal reported today.
The wallet or system could compete with Google Wallet and Isis, said the publication, though it was unclear whether the initiative, if launched, would use NFC, support the established payment networks or create its own brand.
Sources, most unnamed by the publication, said the merchants believe they are “better-positioned than the other companies to devise services for their customers.” They also are worried about security and privacy risks of the services on the market, according to the report.
There are about 25 retailers working on the service, reported the business publication, but it noted that it didn’t know the identity of most of the merchants, how the service would work or when it would launch. It also wasn’t clear whether the project was only in the talking stages.
According to the publication, a spokesperson at Target, a discount retailer like Wal-Mart, said in a statement that the chain was “exploring potential solutions that would help us to deliver the fastest, most secure mobile-payment experience possible for our customers.” The company reportedly added that it “isn't prepared to share specific plans publicly at this time.”