Financial News 8/16/12 – Julian Assange Granted Asylum, Target & Wal-Mart Mobile Payment App

You might want to start getting used to leaving your wallet at home as more large retailers jump on the mobile payment bandwagon. Three of the US’s largest retailers, Wal-Mart, Target, and Best Buy have formed a company, named Merchant Customer Exchange, or MCX. The company is developing its own mobile application to process payments and has hopes of gaining control over the wireless payment industry that many believe will become not only preferred, but standard. It is currently a 60 billion dollar industry that is projected to grow to 170 billion dollars in the next four years. The MCX app will not only be more convenient but cost effective as well, cutting back on credit card swipe fees, paid out by the store chains, which average billion dollars a year. The app will be compatible with all smartphones and can process many forms of payments including VISA, MaterCard, Debit, and Credit accounts. MCX plans to partner with large banks so payments can be processed directly by customers current financial institution, other deals in the works include those with wireless carriers, advertising companies, and other retailers, gas stations and restaurants, including Sears, CVS, Shell Oil and 7-Eleven. The libor accusations have crossed the pond and the attorney general of New York and Connecticut issued subpoenas to seven banks including Barclays, Citigroup, Deutsche Bank, JP Morgan Chase, HSBC, RBS and UBS over the past two months for the manipulation of interest rates. The