Target and Walmart stand to win big with new mobile wallets (Photo : CB Insight)
After Walmart announced its new Walmart Pay mobile wallet, and now, Target has now finally revealed that they are also testing a mobile payment wallet of its own. Target is the fourth U.S. largest retailer that handles all large retail stores over North America.
A couple of weeks ago, Walmart integrated Walmart Pay into Walmart's mobile app. The user can register the payment type using credit and debit cards and use the smartphone's camera to scan QR codes generated for check out, according to Forbes.
The U.S. largest retailer has not offered to launch the product, which would permit customers to pay for goods using an app on their smartphones.
But, Target might confront challenges in revealing a mobile wallet, regardless of the possibility that it's simply an issue of optics: A 2013 hack prompted offenders getting the credit card information of 10 million of Target customers. What's more, a week ago, the organization ended up back in the news because of a security defect in its mobile application.
Target's entry will be challenging the current competitor as Apple's Apple Pay, Alphabet's Android Pay and Samsung Electronics' Samsung Pay, reported by Time Inc.
According to Fast Company, Target spokesman Eddie Baeb said the retailer is still an active user from the Merchant Customer Exchange that is creating CurrentC, however, it is likewise investigating extra mobile wallet systems. He declined to comment on if Target was revealed its own particular mobile payment service.
Mobile payments are like a small business, but growing share of the payment pie and they are more attractive for a different kind of reasons. The 2016 year ought to see proceeded with improvements in the Mobile payment services space: On Thursday, Apple and Samsung formally reported they are entering the Chinese market in 2016.
