Walmart, Best Buy, Target and 7-Eleven are collaborating with more than a dozen other retailers to form the Merchant Consumer Exchange (MCX). The new mobile payments network is designed to challenge the mobile point-of-sale terminals currently operated by Google Wallet and Isis, among others, according to Computer World.

The new payment processing option for retailers was announced earlier this week but does not have an official launch date yet. Developers working with the merchants are currently in the process of designing a functional mobile application that can be accessed across a variety of different smartphone models and operating systems.

One of the primary motivators among the participating merchants in pursuing the project is their belief that their inside knowledge of the retail market positions them to understand consumer habits better, according to the news source. Unlike other mobile payment initiatives, many of whom began as tech startups focusing on the hardware and software side, MCX will be driven largely by some of the most powerful vendors in the retail industry and motivated by consumer trends.

"We believe MCX is uniquely qualified to offer the most comprehensive mobile payment options for consumers," Terry Scully, president of financial and retail services at Target, told Web Pro News. "By participating in MCX, merchants are in a position to effectively deliver innovative payment approaches that aren't available today."

Another motivating factor for the push toward mobile payments is rapidly increasing demand. Global mobile-payment transactions are estimated to increase fourfold over the next five years, totaling more than $1.3 trillion, according to Computer World. By raising overall customer awareness, while simultaneously creating better payment options that function on a more flexible level, these merchants are poised to take advantage of the growing industry.