Wal-Mart, Best Buy, others gang up on Google Wallet

Watch out, Google Wallet. There's a new mobile-payment service in the works.

A consortium of of retailers today announced that they have launched a new mobile-commerce company, called Merchant Customer Exchange (MCX). Best Buy, Target, Walmart, and Lowe's are among the many companies that have signed up for the initiative. The companies combine to generate a whopping $1 trillion in sales each year.

MCX is currently in the process of developing a mobile application that would allow customers to pay for purchases at participating retailers with their mobile devices. According to MCX, the app will work across "virtually any smartphone" and will automatically integrate consumer deals, promotions, and retail programs.

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