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Move Over Walmart: Target to Develop Mobile Payment System

Image via corporate.target.com

The physical brick-and-mortar retailer for individuals who believe they are "too good" to set foot in a Walmart store ( WMT ), Target ( TGT ) is developing its own version of a mobile wallet.

(Also read " Wal-Mart Pay: Is It a Threat to Other Mobile Payment Options? " for information on that subject.)

Reutersreports that Target is in the preliminary stages of planning its own payments system as well. Furthermore, the company has not fully committed to launching the system just yet and is simply exploring its options. Target has reached out to credit card companies regarding how transactions will be handled.

Engadgetnotes that 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.

While details are currently scarce, Target's proposed payment system appears to be more like the regular setup where you hover your phone over a terminal to make a payment. If Target decides to move forward with this initiative, the company will enter an already crowded and competitive field that includes the likes of Apple's ( AAPL ) Apple Pay, Google's ( GOOGL ) Android Pay and Samsung's ( SSNLF ) Samsung Loop Pay.

If retailers and companies continue to develop these mobile payment systems, it begs the question of whether individuals will eventually need a separate payment app for each retailer the individual shops at. Will our mobile wallet become as digitally cluttered as our material wallets are physically unorganized? That question, however, is a thought exercise for another day.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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