Leading retailers including Best Buy, Lowes, Target and Walmart are among the founding members of Merchant Customer Exchange (MCX), a new company focused on offering a mobile commerce experience that will leverage the convenience of paying at the register with customizable offers.
MCX announced that its mobile commerce solution will seamlessly integrate a wide range of consumer offers, promotions and retail programs available through any smartphone. The initial MCX member group reportedly serves nearly every smartphone-enabled consumer in the U.S. and accounts for approximately $1 trillion in annual sales.
Executives from Walmart, Target and Best Buy stated their commitment to the initiative. “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 VP and Assistant Treasurer for Wal-Mart Stores, in a press release. “The MCX platform will employ secure technology to deliver an efficiency-enhancing mobile solution available to all merchant categories, including retail stores, casual dining, petroleum and e-Commerce.”
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“By participating in MCX, merchants are in a position to effectively deliver innovative payment approaches that aren’t available today,” added Terry Scully, Financial and Retail Services President for Target.
“No one understands our customers’ shopping and payment experience better than we do,” stated Mark Williams, Financial Services President for Best Buy. “We’re confident that together we can develop a technology solution that makes that experience more engaging, convenient and efficient.”
Other founding retailers include: CVS/pharmacy; Darden Restaurants (owners of brands including LongHorn Steakhouse, Olive Garden and Red Lobster); Hy-Vee, Inc.; Publix Super Markets, Inc.; Sears Holdings; 7-Eleven, Inc.; Shell Oil Products US; and Sunoco, Inc., among others. MCX intends to address the needs of financial institutions and merchants of all sizes to better serve consumers in the growing mobile marketplace.
MCX is poised to compete for market share with Google Wallet and Square, which just announced a partnership with Starbucks.
