A group of American retailers, including Wal-Mart and Target, is developing its own mobile payments system, joining an already crowded field of banks, card companies, technology vendors and telcos, according to the Wall Street Journal.
Around two dozen merchants are involved in the project says the WSJ, citing people familiar with the plans. However, the details are sketchy, with the identity of most participants, how the system will work, when it will launch and its name all unknown.
The retailers have decided to enter a packed field after surveying the current competition and deciding they can do better, with security and privacy a major concern, Steve Mott from BetterBuyDesign, told the Journal.
In a statement, Target says: "We are exploring potential solutions that would help us to deliver the fastest, most secure mobile-payment experience possible for our customers."
The retailers are taking on a slew of major players, including Google, which has Citi, MasterCard and Sprint on board for its NFC-based Wallet. Another contactless system in the works is Isis, a consortium led by telcos AT&T, T-Mobile and Verizon, which recently signed up Barclays, Capital One and JPMorgan Chase.
Taking a different approach, PayPal has eschewed the use of NFC technology at the till, developing a mobile number and PIN-based system which Home Depot has just agreed to roll out nationwide.
Retailers Join Payment Chase - WSJ