It turns out that CVS is one of about 40 merchants in a consortium that formed in 2011 to develop their own mobile-phone-based payment system. The consortium, called the Merchant Customer Exchange, or MCX, is in large part all about eliminating, or at least reducing, the fees banks charge retailers for swiping credit cards.

Walt Mossberg

Walt Mossberg

About Banks Cards Charge Credit Credit Cards Customer Develop Exchange Fees Formed Large Merchant Merchants Out Own Part Payment Reducing System Turns

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