Walmart, Target and others form mobile payments group

Merchant Customer Exchange is the name of a new mobile payments group in which Walmart and other leading retailers are involved.

Expectations are high that mobile payments represent the future of commerce and group of leading retailers this week formed a new organization to offer an alternative way to pay.

The group is called the Merchant Customer Exchange and currently consists of 14 retailers. Plans call for development of a payment application available for smartphones that offers secure technology to process transaction.

"We believe that merchants are in the best positions to deliver mobile payments to billions of people," said Michael A. Cook, vp and assistant treasurer of Walmart said in a New York Times article.

To visit the organization's website click here. 　

To read the press release announcing the organization's objective and membership, click here.

To read the New York Times perspective on the issue, click here.