A group of major U.S. merchants, including Wal-Mart and Target, have formed a new company that will provide customers with a way to make payments and earn rewards using their mobile phone.

Dubbed Merchant Customer Exchange (MCX), the company is currently developing a mobile application to seamlessly integrates consumer offers, promotions and retail programs from participating merchants. According to the company, the application can be used on any smart phone.

“MCX will leverage mobile technology to give consumers a faster and more convenient shopping experience while eliminating unnecessary costs for all stakeholders,” said Mike Cook, Wal-Mart’s corporate VP and assistant treasurer. “The MCX platform will employ secure technology to deliver an efficiency-enhancing mobile solution available to all merchant categories, including retail stores, casual dining, petroleum and e-commerce.”

In addition to Wal-Mart and Target, MCX includes the following merchants: 7-Eleven, Alon Brands, Best Buy, CVS/pharmacy, Darden Restaurants, HMSHost, Hy-Vee, Lowe’s, Publix Super Markets, Sears, Shell Oil Products and Sunoco.

Together these members account for approximately $1 trillion in annual sales, and are used by nearly every smart phone owner in the country, according to MCX.

Additional merchants, as well as more details regarding the product offering and partners, are to be announced in the coming weeks.

Find out more about MCX at the company’s website.