Retailers push into mobile payment market

Apr 07, 2014, 1:46 AM EDT
 Visitors take pictures of the new Nokia XL device during the first day of the Mobile World Congress 2014 at the Fira Gran Via complex on February 24, 2014 in Barcelona, Spain.
AFP/Getty Images

Big retailers are muscling in on the likes of Visa, MasterCard and Google in a fiercely competitive and growing mobile payment market that promises to cut transaction costs and increase customer loyalty. Stores such as British supermarket Tesco and France's Auchan hope their "digital wallets" - apps which allow users to pay with their smartphones rather than cash or cards - will also give them more comprehensive data about customers' shopping habits than ever before so they can target advertising.
Retailers push into crowded mobile payment market [Reuters]
Mobile payment experiment: Can an iPhone replace your wallet? [Forbes]