Google Wallet could be facing some competition in the near future from a company called MCX

google wallet

(Merchant Customer Exchange). This new mobile commerce company has partnered up with some big name retail giants including Wal-Mart Stores, Inc. (NYSE:WMT), Best Buy Co., Inc. (NYSE:BBY), Target Corporation (NYSE:TGT), and Lowe’s Companies, Inc. (NYSE:LOW).  Altogether, these companies  work together to generate sales of $1 trillion every year.

MCX is still in the process of creating the mobile application that will allow customers to pay for their purchases via their phone, to participating retailers. The app is supposed to work with most smartphones, and will integrate consumer deals, special promotions, and retail programs.

Wal-Mart Stores, Inc. (NYSE:WMT)’s corporate vice president/assistant treasurer, Mike Cook, stated, “”MCX will leverage mobile technology to give consumers a faster and more convenient shopping experience, while eliminating unnecessary costs for all stakeholders. The MCX platform will employ secure technology to deliver an efficiency-enhancing mobile solution available to all merchant categories, including retail stores, casual dining, petroleum, and e-commerce.”

What does this mean for Google Wallet? Although the Android-based payment app has yet to catch on, they didn’t face as many competitors, and this would really be their first. Moreover, Google Wallet only works with Android phones, this means iPhone users can’t use their smartphone to pay with Google Wallet. MCX most likely will offer their services on iPhone and Android.

Technology has changed so many things about way people live, and it seems that mobile payment technology is long overdo, but will this catch on in the near future? I’d like to think so, considering it sounds like a real convenience but I’m not sure if the average consumer is ready for mobile pay. I’m also not sure if many businesses are on board with mobile pay programs, as it could cost them a little bit more to sustain business, while paying extra fees to third party businesses.