Fueled by the worldwide commodities boom, MCX has become India's largest commodity futures market.
Rather than brace himself against the trend, Shah sees opportunity: MCX will buy, not get bought out.
Founded in 2003, MCX is a commodity exchange for the trading of metals and agricultural and industrial commodities.
In a painful development for Shah, the income tax authorities launched investigations against MCX and some of its traders this June.
For example, MCX designed a small 5-ton contract for copper versus the 25-ton contract that is traded on the London Metal Exchange.
As a member of MCX (Merchant Customer Exchange), Target is involved in developing better mobile payment solutions, which should help its mobile channel.
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Another plus: MCX's top team has people like deputy managing director Joseph Massey and strategy director Anjani Sinha, both of whom have run exchanges before.
"We believe MCX is uniquely qualified to offer the most comprehensive mobile payment options for consumers, " said Terry Scully, president of financial and retail services, Target.
ENGADGET: Best Buy, Walmart, Target, more join forces for MCX mobile payment, deals provider
An ardent admirer of the late Dhirubhai Ambani of the Reliance group, Shah invited his billionaire son, Mukesh Ambani, to make the first symbolic trade on MCX.
The proposed listing of MCX, in which the parent company has a 64% stake, should make Financial Technologies even more valuable, predicts ABN Amro Broking in a recent report.
While current MCX merchants have unmatched scale, MCX intends to address the needs of financial institutions and merchants of all sizes to better serve consumers in the growing mobile marketplace.
ENGADGET: Best Buy, Walmart, Target, more join forces for MCX mobile payment, deals provider
Shah says that marketing the exchange to commodity traders, training them how to trade online and designing contracts that are in synch with the traders' needs or familiarity gave MCX an edge.
"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, corporate vice president and assistant treasurer, Wal-Mart.
ENGADGET: Best Buy, Walmart, Target, more join forces for MCX mobile payment, deals provider
Development of MCX's mobile application is underway.
ENGADGET: Best Buy, Walmart, Target, more join forces for MCX mobile payment, deals provider
It comes with a miniature aerial (MCX), a rod aerial with magnetic base and removable suction cup, a printed Quick Start Guide, and a USB charging cable (intended for use with the EyeTV Mobile battery, not designed to charge an iPad).
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