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from the a-win-for-the-little-guy....or-not dept.
Wal-Mart has launched its own smartphone app for processing payments, rather than adding support for systems being touted by the likes of Samsung, Apple, and Google (Wallet):
Wal-Mart Stores Inc. launched its own mobile payment system, dubbed Walmart Pay, in select stores near its Bentonville, Ark., headquarters on Thursday, giving customers their first opportunity to use a mobile payment system in its stores.
The retailing giant so far hasn't allowed other mobile payment platforms, including Samsung Pay or Apple Pay. Instead, it built its own system, which it said works with any iOS or Android device that can support the Walmart app and at any checkout lane, including self-service checkout.
Walmart Pay can handle major credit, debit, pre-paid and Walmart gift cards. The company is in discussions that could result in other mobile wallets being added to Walmart Pay, said Daniel Eckert, senior vice president of services for Walmart U.S.
Wal-Mart is part of a consortium called the Merchant Customer Exchange that includes Target Corp. and Best Buy Co. Inc. The MCX is working on an app called CurrentC that is still in the pilot phase in Columbus, Ohio. Members of the Merchant Customer Exchange pledged not to accept other mobile payment systems, according to The Wall Street Journal. That exclusivity was temporary and expired in August, a Walmart spokesperson said, freeing members to allow other mobile wallet transactions.
Wal-Mart plans to roll out Walmart Pay nationally after the first half of next year.
(Score: 0) by Anonymous Coward on Saturday December 12 2015, @12:10AM
> For the companies is this just so more people can get a tiny cut of the money?
It is the other way around. They hope to get to the point where the visa/mastercard payment processing networks (and their fees) are out of the loop.
But they are too greedy, they just want to do a "meet the new boss, same as the old boss" rather than fundamentally change the market. Thus they aren't adding much practical value to either payers or merchants and will fail unless mastercard or visa do something so deeply stupid that they lose their massively dominate positions.