"The list of members speaks for itself [given that these] companies already collectively account for about $1 trillion in annual sales," an MCX spokesperson told us Wednesday. "We are going to have tremendous scale once we hit the market."

The initial focus is on developing a mobile application for enabling smartphones and other wireless devices to make secure purchases in the widest possible range of retail environments.

"We want and fully expect to offer a very versatile solution that can work in just about any type of retail environment -- whether at the gas station, the hardware store or supermarket," the organization's spokesperson said during a telephone interview.

A Cross-Platform Smartphone Strategy

Though the enabling MCX technology is still in the development stage, the organization said its initial aim is to build a secure e-retailing mobile app that will be made available on virtually all smartphones. What's more, the initial efforts will be laser focused on providing participating merchants with a customizable platform with the features and functionality they need to best meet the needs of their customers.

To make this happen, however, MCX must address the complete range of requirements demanded by participating financial institutions as well as merchants of all sizes and types. Still, the consortium's members believe that the development of a unified mobile e-retailing solution will be highly beneficial for participating merchants and consumers alike.

"As merchants, no one understands our customers' shopping and payment experience better than we do," said Mark Williams, president of financial services at Best Buy. "And we're confident that together we can develop a technology solution that makes that experience more engaging, convenient and efficient."

Meanwhile, MCX is actively seeking the support of other major merchants. The organization said Wednesday that it expects to announce additional MCX members in the months ahead. (continued...)

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