NEW YORK (August 15, 2012)--Big-name retailers including Wal-Mart Stores Inc., Best-Buy Co. and Target Corp. are teaming up to create a company that will give customers another way to make purchases with their mobile devices.

The businesses announced Wednesday that the new company, Merchant Customer Exchange, is developing a mobile application that will be available through nearly any smartphone.

The companies say that using a mobile app will help to cut down costs and make shopping faster and more convenient for consumers.