Target Exploring its Own Mobile Wallet: Reports

Fresh off the announcement of Walmart Pay, fellow retail chain and Merchant Customer Exchange (MCX) member Target is planning its own mobile payment system, according to CNBC.

Target has not committed to its own mobile wallet, nor is it testing the technology in stores, reported CNBC, which attributed its reporting to unnamed sources. Target's wallet, which could come as soon as early 2016, would probably not bypass the credit card networks and would integrate with its Red store credit and debit cards, according to CNBC.

The wire service also reported Target is leaning toward using QR codes to execute contactless mobile transactions, as opposed to Near Field Communication, which would make Target's mobile payment system more technologically similar to Starbucks than Apple Pay.

Target did not return a request for comment by deadline.

Walmart Pay is expected to lead to spark a wave of independent mobile wallets from both banks and retailers that are looking to maintain branding. Both Walmart and Target are part of MCX, which is testing its CurrentC mobile wallet. CurrentC has not launched, though it's likely the retailers will stick with MCX in addition to forming their own systems.