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Target adds in-store mobile 'Wallet' payment system to app

The system uses a bar-code scanner to combine payment and coupons in a single transaction.

Target's new in-store "Wallet" mobile-payments system.

Target has added a new mobile-payments system to its iOS and Android apps that aims to speed along customers' checkout times in stores.

The new system, dubbed Wallet, uses a bar-code scanner at checkout to combine payment and Cartwheel coupons in a single transaction, the retailer said in a statement Monday.  Cartwheel is the retailer's digital coupons platform, offering users an app that lets them browse the retailer giant's current in-store offers.

"Wallet in the Target app makes checkout easier and faster than ever," Mike McNamara, Target's chief information and digital officer, said in a statement. "Guests are going to love the convenience of having payment, Cartwheel offers, Weekly Ad coupons, and GiftCards all in one place with Wallet."

Wallet is currently limited to use with Target's REDcard credit card and debit card. The ability to redeem Target gift cards with Wallet is coming soon, Target said.

Target's Wallet announcement comes two years after rival retailer Walmart jumped into the mobile-payments business, becoming the first US retailer to make its own push for consumers to use their smartphones as mobile wallets. Walmart Pay, which is based on a QR code checkout system, also differs from Target's Wallet by supporting all major credit and debit cards as well as prepaid and Walmart gift cards.

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