Target (NYSE: TGT) and Wal-Mart (NYSE: WMT) are sick of letting firms like Google (NASDAQ: GOOG) make money on customers who use mobile devices to make retail purchases. Among other things, affinity card traffic drops. Less charges on that Wal-Mart credit card.
The two largest big box retailers have joined with smaller rivals to set their own mobile payment systems, according to The Wall Street Journal
The push represents an effort by frustrated merchants to get the upper hand in the fast-developing market that turns cellphones into payment devices. The race pits the retailers against banks, credit-card networks, telecommunications firms and technology companies.
The retailers have an advantage. They can set up new payment systems. Wireless companies and Google cannot open thousands of stores to leverage customer behavior.
Sponsored: Want to Retire Early? Start Here
Want retirement to come a few years earlier than you’d planned? Orare you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
