Target, Wal-Mart, Sears, and 12 other prominent retailers have founded Merchant Customer Exchange, a new company that intends to develop a mobile wallet application that will allow consumers to pay for products with their smartphones.

The envisioned wallet application will also feature consumer offers and promotions, and be available on virtually any smartphone.

MCX includes merchants such as: 7-Eleven, Inc.; Alon Brands; Best Buy Co.; CVS/pharmacy; Darden Restaurants; HMSHost; Hy-Vee, Inc.; Lowe’s; Publix Super Markets; Sears Holdings; Shell Oil Products US; Sunoco; Target Corp.; and Wal-Mart Stores. Combined, these members serve nearly every smartphone-enabled American, and account for approximately $1 trillion in annual sales.

“MCX will leverage mobile technology to give consumers a faster and more convenient shopping experience while eliminating unnecessary costs for all stakeholders,” said Mike Cook, corporate vice president and assistant treasurer, Wal-Mart.

A report from Juniper Research estimated that the value of global mobile payment transactions will increase nearly fourfold over the next five years, to hit more than $1.3 trillion. 

JCK