Comment Re:Target, KMart, and WalMart (Score 1) 558
Second, Target, KMart, and Walmart are involved with this... KMart and Target are idiots; Walmart has an empire, what are they colluding with them?
From the personal blog of Ron Shevlin, Senior Analyst at a financial industry think tank
http://snarketing2dot0.com/2014/09/03/failed-currentc/
At last year's BAI Retail Delivery conference, I hosted a meeting of CMOs from large FIs, which featured Lee Scott, the former CEO of Walmart (who is a member of MCX). I asked Mr. Scott why, in the face of so many failed consortia before it, would MCX succeed?
He said: "I don't know that it will, and I don't care. As long as Visa suffers."
Even if it's not a true story, it's highly indicative of the relationship that many businesses have with the credit card network operators.
It's why many large retail chains have their own store credit card.
Those cards allow them to directly process in-store purchases and skip the middle man's fees.