Reuters: Technology News: Big retailers to take to mobile payments: WSJ

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Big retailers to take to mobile payments: WSJ Aug 15th 2012, 06:40 Tweet Share this Email Print Related News Google to cut 4,000 Motorola Mobility jobs, shares rise Mon, Aug 13 2012 Starbucks embraces mobile payments with start-up Square Thu, Aug 9 2012 Retailers cautious after discounts boost July sales Thu, Aug 2 2012 Analysis: Amazon pushes digital content on many gadgets Wed, Aug 1 2012 Apple buys mobile security firm AuthenTec for $356 million Fri, Jul 27 2012 Analysis & Opinion Knight Capital crisis brings new push for rules on trading, technology, structure Mobile technology boosts water security for the poor 1 of 2. A customer is seen at a 7-Eleven convenience store in Tokyo April 5, 2012. Credit: Reuters/Yuriko Nakao Wed Aug 15, 2012 2:40am EDT (Reuters) - Big retailers such as Wal-Mart Stores, Target Corp and Japan's 7-Eleven are planning to develop a mobile payment network, the Wall Street Journal reported, citing people involved in the initiative. The Merchant Customers Exchange (MCX) is an initiative taken by these retailers to match similar services from Google, which began operating it last year on its Android devices, the WSJ said. It was unclear how much each merchant would contribute to the network's development, the paper said. The technology will see customers who have downloaded applications to their smartphone then using the devices to pay for purchases by tapping their devices against a reader in stores. The Journal citing research firm Gartner Inc saying mobile-payment transactions will likely surge to an estimated $600 billion world-wide by 2016, up from $172 billion this year. Earlier this month Starbucks Corp too took on the mobile payments model, employing Square Inc to process payments at its U.S. coffee shops. (Reporting by Juhi Arora in Bangalore; Editing by Dan Lalor) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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