The fourth-largest U.S. retailer has not committed to launch the product, which would allow customers to pay for goods using an app on their mobile phones. The mobile wallet could launch as early as next year, but it is too early to predict, two of the sources said.
Target is said to be partnering with credit card companies and plans to use scanning technology to communicate with payment terminals.
While there hasn't been any in-store testing as of yet, its main competitor, Walmart, just announced Walmart Pay for iOS and Android. It's likely that Target is developing its mobile wallet to remain competitive.
Notably, the company still plans to remain a member of CurrentC, a mobile payment solution that has yet to get off the ground.
Target spokesman Eddie Baeb said the retailer is still an active member of the Merchant Customer Exchange that is developing CurrentC but it is also exploring additional mobile wallet solutions. He declined to comment on whether Target was developing its own mobile payment service.
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