Target is Reportedly Developing Its Own Mobile Wallet

The company is tipped in the early stages of its effort, and sources indicate the service could launch in early 2016; however, because the project has only just started, it is possible the launch could be later in the year. However, two sources said Target hasn’t actually “committed” to launching the system at this point, meaning retailers may never see it.

Target doesn’t accept any mobile payment apps in its stores at the moment, though you can use Apple Pay when shopping with the Target app on your phone.

Target’s entry would create a powerful new competitor in a small, crowded market, challenging Apple Inc’s Apple Pay, Alphabet Inc’s Android Pay and Samsung Electronics Co Ltd’s Samsung Pay. It’s likely that Target is developing its mobile wallet to remain competitive.

Target’s move also would raise new questions about the viability of a plan by a number of retailers, including Target and Wal-Mart, to create a joint mobile wallet, called CurrentC. Though it won’t bypass credit card companies, instead allowing customers to directly link their cards to the payment app, Reuters added.

Wal-Mart was unchanged at 58.98.

A week after Walmart announced it would launch a mobile payment solution, one of its chief rivals is reported to be working on the same.

It’s thought that Target’s offering will use a similar technology, rather than relying on NFC-powered terminals. However, the company also admitted that it is exploring other “mobile wallet solutions”.

Google is the not the only company planning to make changes to its mobile payments products, of course.

“It is crucial these retailers are able to build (customer) habit”, he said.