Exxon Mobil to Test Speedpass
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DALLAS (AP) _ Exxon Mobil Corp. said Wednesday it would test its Speedpass payment system at Ahold USA Inc.’s Stop & Shop supermarkets beginning this fall.
Stop & Shop will be the first retailer to test a new Speedpass feature that lets retailers operate their own loyalty-card program within the Speedpass system, Exxon Mobil said.
This will let customers instantly pay for purchases and get Stop & Shop rewards and discounts without also having to swipe a loyalty card, Exxon Mobil said.
The Speedpass, introduced in 1997 at Mobil service stations, operates like a credit card or debit card. Customers point an electronic device at a countertop reader to make payments.
Irving-based Exxon Mobil said there are more than 5.5 million Speedpass customers who use the wands at more than 7,300 Exxon and Mobil stations nationwide.
Exxon Mobil is also testing the device at McDonald’s restaurants in the Chicago area. It is also developing a watch with Timex that would include an imbedded transponder to let customers pay for goods by pointing their watch at an electronic reader.
Stop & Shop Supermarket Co., based in Quincy, Mass., operates more than 300 stores in the Northeast. It is a wholly owned subsidiary of Netherlands-based Royal Ahold NV, one of the world’s largest food retailers with about 9,000 stores in two dozen countries.
In trading Wednesday, shares of Exxon Mobil fell $1.57 cents to close at $38.23 on the New York Stock Exchange, and American depositary shares of Royal Ahold fell 77 cents to $16.38.