In a recent bid to improve payment methods, WalMart has launched a new payment service ‘Walmart Pay’. This comes after the launch of Apple pay last year. It is a mobile based payment method where users at the Walmart store or when shopping online, will see this option on the app. This option/payment gateway will accept all Credit/Debit cards. Also, all Walmart Gift cards will work on this platform. Last year Starbucks too introduced a similar option where the consumers would get free points to pay for coffee.
This is the first of its kind payment method, where the app will ask you for a QR code and will scan through the camera to release the bill. This bill can be paid through the smartphone itself. Walk into a Walmart store scan the codes you want to buy, pay and go.
According to the comScore data, almost 22 million people use the Walmart app every month. Global CEO of Walmart Neil Asche said, “more than half of the online orders placed with Walmart from Thanksgiving to Cyber Monday were conducted on mobile devices, representing a larger penetration than the overall industry.”
Walmart does not accept any type of mobile wallet, such as Apple Pay or Samsung Pay. By entering the mobile payments space, Walmart is getting into the competition where the majority of the market is stuck with players like Apple Pay, Samsung and Google’s Alphabet. Walmart has set up this option to give users the ease of paying through any card and also, most of the payment options do not work on every smartphone and the card acceptance option is limited.
This option will also facilitate ‘Split Payment’, by which users will be able to split payments among various methods/types. Moreover, Walmart Pay allows users to upload receipts of different stores to see if some store have provided them the product cheaper than them, Walmart refunds the difference with an e-gift card. This option will be available in all Walmart stores in 2016.