Target in Initial Development of Own Mobile Wallet

Target is in the early stages of developing its own mobile wallet, three people familiar with the matter said, joining Wal-Mart Stores Inc. in posing a threat to recent entrants like Apple Pay. The fourth-largest U.S. retailer hasn't committed to launch the product, which would allow customers to pay for goods using an app on their mobile phones. The mobile wallet could launch as early as next year, but it's too early to predict, said two of the sources, who requested anonymity because they weren't authorized to speak to the media.