Why retailers are teaming up for mobile payment
Why retailers are teaming up for mobile payment
- August 16, 2012
- Bill Maurer, anthropology professor and Institute for Money, Technology and Financial Inclusion director, is interviewed on Marketplace Tech August 16, 2012
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From Marketplace Tech:
Target, Walmart, Lowe's, 7-11, Best Buy, a whole bunch of big retailers are teaming
up on a new mobile payment system. It's called Merchant Customer Exchange or MCX and
it will let you pay for things using your smartphone. They're not the only ones trying
this. Google has the Google Wallet system. AT&T, Verizon and T-Mobile are planning
to launch one soon as well...All these mobile payment systems want to win this race
because the prize is pretty big. No, the prize isn't getting to help people and it's
not even the sales, at least not right away. It's the data. Bill Maurer runs the Institute
for Money, Technology and Financial Inclusion at U.C. Irvine and says, "Who's buying,
what the market segments are, where they are, what kind of things they're buying and
how the information that's captured at the point of sale can be leveraged for things
like offers, loyalty, rewards, and that kind of thing."
For the full story and audio recording, please visit http://www.marketplace.org/topics/tech/why-retailers-are-teaming-mobile-...
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