Retailers Want Their Own Mobile Payment System

As if the mobile payments business were not complicated enough, a consortium of about 24 major retailers, including Wal-Mart Stores and Target, are developing their own mobile payments system.

That move illustrates the complex nature of the mobile payments business, where formerly distinct industries strive to grab leadership in a new business that necessarily has to include retailers and end users, but remains unsettled in terms of the roles of banks, transaction processors, devices, application and service providers. Retailers Join Payment Chase