In all likeliness, the day is coming where the only currency you"ll need to carry with you will be tucked into an app on your smartphone. Apple is pushing Apple Pay, Samsung has Samsung Pay, and Alphabet Inc. has Android Pay - all of which aim to replace your physical wallet when you"re out and about so you don"t need to carry an actual wallet. Only a small number of companies are pressing for mobile wallet pay systems at this time, and Target may be the next to join.
According to Reuters, Target has begun its development of its own mobile payment system that would enable customers to make all of their purchases via smartphones. Target has already approached credit card companies about its plans to rollout "CurrentC" - the name of the mobile pay system being developed by the Merchant Customer Exchange (MCX).
Target pushing for a mobile payment system is significant as it"s currently the fourth largest retailer in the United States, and the company is not alone in its push for a mobile pay system. Wal-Mart has its own pay system, "Wal-Mart Pay", but even Wal-Mart has said the company will support the "CurrentC" standard - likely as a second option should that standard become widely adopted. Other details like expected rollout dates are very vague. Two unnamed sources that aren"t authorized to speak officially about Target and "CurrentC" adoption said the company could deploy it as early as 2016, though it"s also possible that Target would choose not to push app-based payments into its stores altogether.
Source: Reuters