Retailers to launch mobile app for payments

NEW YORK (AP) — A bevy of big-name retailers including Wal-Mart Stores Inc., Best-Buy Co. and Target Corp. are teaming up to create a company that will give customers another way to make purchases with their mobile devices.

The businesses said Wednesday that the new company, Merchant Customer Exchange, is developing a mobile application that will be available through nearly any smartphone.

The companies say that using a mobile app will help to cut down costs and make shopping faster and more convenient for consumers.

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