Alex Jimenez (@RAlexJimenez) August 15, 2012
After more than a decade of feuding with the card networks, issuing banks, and the like, Wal-Mart has finally started on its path to vengence.
The Merchant Customer Exchange — which includes 7-Eleven, Best Buy, CVS, Lowe’s, Sears, Shell, Target and Wal-Mart — has already begun building its own mobile payment applications.
Remember, Wal-Mart is opposing that multi-billion dollar swipe-fee settlement that the payment networks proposed in July
The pay-out is planned to fork over roughly $6 billion in restitution to merchants, while also allowing retailers and others to add a surcharge to credit-card transactions.
The National Association of Convenience Stores, a trade group that represents more than 3,700 merchants,immediately voiced its objections to these terms.
The announcement is proof that technology has so leveled the playing field that it’s only a matter of time before merchants come together and do what issuing banks did with Visa.
Can you imagine? A group of merchants creating a network that exists for their benefit, not the banks.