An Economist article earlier this week reported on a new venture dubbed Mobile Cash Exchange (MCX) which has the backing of heavy hitters like Wal-Mart, Target, Best Buy, 7-Eleven and Lowes. The announcement about MCX was short on details, but it entirely makes sense that these merchants want in on the mobile payments game.

This news is just more proof that consumers will be abandoning credit and debit cards soon enough. With the projected growth in the mobile payment market over the next five years, we are apt to see more and more players continue to emerge and it’s going to be a wild ride.

To read the full Economist article, click here.