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Wal-Mart, Target Working on Mobile Payments

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    NEWSLETTERS

    About 24 major retailers are looking to develop their own system for mobile payments, like Square already has set up.

    Google and Square be forewarned: Wal-Mart wants to open in your virtual neighborhood.

    The nation's largest retailer is amongst two dozen retailers reportedly looking to get into the mobile payment race, according to The Wall Street Journal.

    The growing multi-billion dollar market, that allows shoppers to use their phones to make payments, is currently dominated by the likes of Google, Square and PayPal.

    The newspaper reports that the likes of Wal-Mart and Target are looking to expand into the arena to attract younger customers and to increase customer loyalty.

    It is also a way to get better analytics on customers and their shopping habits, as products like Square are already offering its users.