Mobile payments are going to be big, as in billions of dollars big. That’s the general consensus in one story after another on the topic. Here on RetailWire last October, 80 percent of respondents to a poll said that Google’s Wallet had a big upside.
Google hasn’t been the only company pursuing the opportunity. Banks, credit card companies, mobile service providers, PayPal and others are getting into the race, all hoping to come up with the preferred payment solution for consumers and merchants alike.
Now comes a report by The Wall Street Journal that a group of roughly two dozen retailers, including Target and Walmart, are working together to develop their own system.
The retailers are said to be concerned about consumer privacy and security. They also believe there are opportunities to provide targeted offers to consumers making mobile payments that are not available in current options on the market.
“A number of merchants are surveying the first generation of solutions and have decided they need to and can build a better system,” said Steve Mott, CEO of BetterBuyDesign, who is working with the retailers on the payment system.
Consumers Can Take Google’s Wallet to Stores – RetailWire
Retailers Join Payment Chase – The Wall Street Journal