Target May Create Its Own Mobile Payment System
Company looking into taking on Walmart, Apple, Samsung and Android in the mobile payments space, according to reports.
This story originally appeared on Engadget
Walmart isn't the only major retailer developing its own mobile wallet. Reuters reports that Target is in the early stagings of planning its own payments system as well. While the company hasn't committed to launching just yet, it has reached out to credit card companies regarding how transactions will be handled.
If you'll recall, Target is part of the CurrentC mobile wallet initiative, and plans to remain a member (alongside Walmart) of the Merchants Customer Exchange that's developing the software. The company says it's just exploring its options.
Last week, retail giant Walmart announced Walmart Pay, an app that allows customers to make purchases by scanning QR codes. While details are scarce for now, Target's solution sounds more like the regular setup where you hover your phone over a terminal to make a payment. Of course, with retailer opting in, or at least looking into it, the likes of Apple Pay, Android Pay and Samsung Pay could face even more competition.
This also begs the question of whether you'll eventually need a separate payments app for each store you shop at, which would make your mobile wallet(s) just as cluttered as your physical ones. Target also faces the challenge of convincing customers to trust the retailer with their payment info after 2013's massive data breach.