7-Eleven, Alon, Shell and Sunoco Form Mobile Wallet

NEW YORK -- The mobile wallet competition just became even more fierce.

7-Eleven Inc., Alon Brands Inc., Shell Oil Products and Sunoco Inc. teamed up with a group of other large retailers to create a new mobile wallet.

Called Merchant Customer Exchange (MCX), the mobile payment platform will compete with Google Inc., Isis, PayPal, Square and others.

Other retailers joining the four convenience store industry companies are Wal-Mart Stores Inc., Best Buy Co., Target Corp., CVS/pharmacy, Hy-Vee Inc., Publix Super Markets Inc., Sears Holdings Corp., Darden Restaurants Inc. and HMSHost.

According to MCX, it will have about $1 trillion in annual sales. The group added that more retailers are expected to join its company in the coming months.

"We believe [MCX] is uniquely qualified to offer the most comprehensive mobile payment options for consumers," said Terry Scully, Target's president of financial and retail services, in a statement. MCX is already developing a mobile application [app] that will be available for most smartphones. The app is expected to integrate a variety of coupons, rebates and loyalty programs, reported the Associated Press.

"As merchants, no one understands our customers' shopping and payment experience better than we do, and we're confident that together we can develop a technology solution that makes that experience more engaging, convenient and efficient," Mark Williams, president of financial services for Best Buy, told the news outlet.

MCX has not yet set a launch date for the company and currently has no CEO. However, a CEO search is underway, reported the Wall Street Journal.

As CSNews Online reported earlier, a large mobile wallet company has long been in the works. However, since that March report, many retailers -- who were previously not named -- have joined the effort and a name has now been determined for the company.