8 Pieces to the MCX Merchant Mobile Wallet Puzzle
Published February 16, 2014 4:26 PM
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Updated October 20, 2016 10:11 AM
1 Min Read
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The Merchant Customer Exchange's mobile wallet is still taking form. The retailer-driven initiative hasn't even given its product a name in the year and a half it's been in development, but a steady stream of news about its technology and partnerships show what the fully assembled product might look like. (Image: ThinkStock)
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Paydiant
The most recent addition to the MCX toolbox is technology from Paydiant . This will allow cloud-based mobile payments, where consumers make payments through the app's software rather than waving the phone in front of a terminal. (Image: ThinkStock)
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QR code
MCX will also support QR codes . These two-dimensional bar codes can be displayed on a smartphone's screen to be scanned at the point of sale. (Image: ThinkStock)
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An Expert CEO
Talent is as important as technology, which is why MCX picked a bank exec as its CEO last year. Dekkers Davidson has been called a "mobile payments rock star " for his earlier work at Barclays. (Image: ThinkStock)
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Gemalto
MCX will run on Gemalto's Allynis Mobile Payment platform , allowing the MCX system to connect to retailers' existing mobile apps. (Image: ThinkStock)
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FIS
The merchant mobile wallet will also work with FIS for processing. This relationship allows MCX to connect to accounts at a large range of financial institutions. (Image: ThinkStock)
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What's in a Name?
One missing piece to the MCX puzzle is its name. So far, the initiative has indicated only that it "will have a consumer name at some point that probably won't be MCX ." (Image: ThinkStock)
Range of Retailers
Even without a product, MCX has aggressively worked to add to its already-strong roster of companies including mega-retailers Walmart and Target. Its most recent additions include gas stations , convenience stores and food sellers such as Wendy's and Acme Fresh Market. (Image: Bloomberg News)
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Final Form?
It's hard to tell what the final MCX wallet will be, but it may resemble the work of MCX member CVS , which uses QR codes to present product information and apply promotions. Whether this is a clue to the future or a red herring, MCX is meant to play well with retailers' existing apps, so the final product would probably complement CVS' technology instead of replace it. (Image: Bloomberg News)
