Wal-Mart Stores Inc has announced that it is gearing up to launch ‘Walmart Pay’. The giant retailer will become the first of its kind in the US to offer its own mobile payment feature in a bid to make checkouts more efficient and to offer more payment options to customers.
Walmart Set to Launch Walmart Pay, Enters Mobile Payment MarketThe new payment service will be available in a few U.S. stores starting Thursday and will roll out to other stores over the holiday season, according to Wal-Mart executives.
Walmart Pay is a free payment service that will be integrated into Wal-Mart’s app. By the first six months of 2016, it is expected that the service will be available across the country, according to company executives.
Customers using Android or iOS devices will be able to pay using Wal-Mart Pay. Payments can also be made using any of the major debit and credit cards, as well as Wal-Mart gift cards.
The new platform will accept integration of additional payment methods, with mobile wallets set to be integrated in the future.
Once at the counter, customers need to select the Walmart Pay feature available in Wal-Mart’s mobile app, then put on their phone camera and scan the code at the register to allow an electronic receipt to be availed in the app.
Daniel Eckert, Wal-Mart senior vice president of services in U.S. said the retailer was working with mobile wallet developers but he did not reveal the companies Wal-Mart is working with.
In an attempt to compete against Apple Pay, Wal-Mart has been working with some retailers to create CurrentC, a mobile wallet that was launched in beta in August.
According to Wal-Mart, the new mobile payment system is associated with CurrentC, even though Walmart Pay was developed separately. The retailer sees CurrentC as a potential addition to Walmart Pay.