In August 2012, a group of retailers that includes Wal-Mart, Target and 7-Eleven have partnered to develop a mobile payment system dubbed Merchant Customer Exchange (MCX) which allows consumers to pay for purchases with their mobile devices. The Merchant Customer Exchange is set to enable merchants such as retailers, gas stations and restaurants to integrate their promotions into the payments system, which is set to be available on consumers’ smartphone devices.
The group has 21 publicly traded members so far.
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