Though it is still very early days for Walmart Pay, finding a middle ground between these two systems could prove the best way forward in terms of getting smartphone owners to more actively use mobile payments.
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Kniffen pointed out that Wal-Mart’s online business only grew 7 percent in the most recent quarter versus double digit gains at Target Corporation (NYSE: TGT) and Amazon.com, Inc. Walmart’s payment solution – which works via the retailer’s mobile shopping app – launched at 600 stores across both states back in May.
Though the Wal-Mart app is new to California, it was rolled out in other states, and some 20 million customers use the program every month. WMT has introduced Wal-Mart Pay – a convenient way of shopping for customers in an age where time matters most. After purchasing items, the receipt shows up on the app with a picture of the items purchased. Wal-Mart, now carrying a Zacks Rank #2 (Buy), is thus aggressively investing in its e-Commerce business and making efforts to improve customer service. Walmart Pay will now be connected.
Wal-Mart is the only retailer to offer its own payment solution that works with any iOS or Android device, at any checkout lane, and with any major credit, debit, pre-paid or Wal-Mart gift card – all through the Wal-Mart mobile app.
With 140 million foot customers each week, Walmart is one of the biggest retailers in the US, so Walmart Pay is a notable launch – particularly as it doesn’t yet accept Apple, Google, or Samsung’s respective payment methods.
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To checkout using the app there is three easy steps that customers will do. However, the app doesn’t allow you to pay at lots of third-party stores, like other mobile payment apps. For now, it remains anybody’s guess as to how popular Walmart Pay will become in the next few weeks.
