In late April, Walmart launched its latest salvo in the quest for mobile payment domination: version 6.8 of its mobile app, which now includes a payment mechanism Walmart Pay. According to Walmart, the app is now available in roughly 100 stores, with nationwide functionality by late summer. Walmart claims that the app has already garnered around 22 million users.
But the road to Walmart Pay has been a strange one.
About a year and a half ago, a consortium of giant retailers, called MCX and led by Walmart, began making headlines with its QR-code-based CurrentC mobile payments platform. These competitors decided to pool their resources and create a mobile point-of-sale payment system that would sidestep credit cards and credit card processing fees. Other members of the consortium include Target, Best Buy, Lowe's and CVS, among others.
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