It started with Google Wallet which then turned into Android Pay and then it was facing competition from Apple Pay but then Samsung wanted to get in with the action, so it bought a startup and released Samsung Pay and then LG had to give mobile payments a try because if chaebol number one can do it, why not number two, but then hold on a second, Walmart’s here to be its own beacon and now what, Target?
Yes, Target seems to be mulling over entry into the mobile payments field after its largest big box rival in the United States went out to launch Walmart Pay. It has not contacted card issuers and banks yet.
Both Walmart and Target remain part of the Merchants Customer Exchange, a conglomerate that runs the CurrentC mobile wallet program. CurrentC circumvents credit card companies and their transaction fees so that participating companies kept more of their money. However, the app’s roll-out has been slow and take-up has been weak — you can bet that those in the MCX are getting antsy to get in on ground level.
All that said, these tap-and-go payment systems all rely on an agreed upon set of technologies, so all anyone needs to do to make money off of it is have the support of financial institutions and develop the software.