Companies that carry a lot of weight, including Wal-Mart, Target, 7-Eleven and Sunoco, are starting up a mobile commerce app, the Merchant Customer Exchange (MCX). The app will offer deals, a mobile wallet function, mobile purchasing and is designed for "virtually any smartphone." As a new player in the mPayment arena, it will compete against Google offerings, among others. And while competition is good, too many choices may serve to confuse the customer and have them reaching for plastic instead. Here’s what Gene Signorini, Mobiquity’s VP of mobile insights, has to say about the development.
"This is definitely a shot across the bow aimed at other mPayment coalitions being formed, and it’s clear that these big-name merchants are serious about engaging in battle. Merchants view the uncertain mPayment landscape as both a threat and opportunity. The threat? That they either remain tied to a non-cash system controlled by card networks and issuing banks or be subjected to emerging payment networks from new players (Google, Isis, etc.) that leave them on unfriendly footing. The opportunity? To use their collective clout and loyal user base to change the payments game and dictate the terms.... Read More