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Retailers Form Mobile-Pay Network

Wal-Mart and Target are among the companies building mobile app to work with all smartphones.

By Matt Townsend, Bloomberg | Updated on August 16, 2012

Retailers including Wal-Mart Stores Inc., Target Corp. and Best Buy Co. formed a company that would allow customers to pay with their mobile phones as they work to gain control over the growing method of processing purchases.

The company, named Merchant Customer Exchange, or MCX, is developing a mobile application, the retailers said today in a statement. The app is intended to work with all smartphones and as many forms of payment as possible, including Visa Inc. and MasterCard Inc. debit- and credit-card accounts, said Terry Scully, president of Target’s financial and retail services.

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