Mobile payments are on the rise

Target, Walmart, and other major retailers are reportedly working together to create their own mobile payment system. This means that they would not have to rely on Google Wallet or Isis to enable customers to use mobile payments in their stores.

Says Mobile Marketer: “Walmart, Target and the other retailers are working on a project that involves mobile payments and offers, according to BetterBuy Design. The merchants want to be inclusive and are talking to banks, technology companies and other possible stakeholders.”

The article went on to say that “The goal is to get input from a variety of sources in order to be able to create a solution that works anywhere a consumer would want it, is secure and creates a more efficient payment solution.”

One of the reasons Target and Walmart may have decided to opt for their own mobile payment solution rather than go with Google Wallet or Isis could be due to security concerns. By establishing their own mobile payment solution, Mobile Marketer says, Target, Walmart, and any other retailers involved will be able to address their specific security needs rather than rely on second party software.

Bryan Laurienti, co-owner of BBB Systems, said he thinks that as 2012 progresses, we will hear of more and more retailers turning to mobile payment solutions. There is potential for mobile payments to become the most convenient and efficient way for consumers to pay, but it’s most likely a long way off.

Tell us your thoughts: Are you interested in mobile payment solutions either as a business owner, consumer, or both?