Walmart Pay enables customers to scan a QR code using the app and camera feature which helps connect to the payment cards which are present in the accounts of Walmart.com.
The company is in discussions that could result in other mobile wallets being added to Walmart Pay, said Daniel Eckert, senior vice president of services for Walmart U.S. The retailer plans to have the new payment option in all of its 5,000 US stores by the middle of 2016.
Attention Walmart shoppers! Mobile payments just got harder. “Walmart Pay is the latest example of how we are transforming the shopping experience by seamlessly connecting online, mobile and stores”, he said in a press release.
Instead of swiping a card at the payment terminal, this payment method lets consumers pay for their purchases in stores by scanning the QR code they can find at the checkout.
Wal-Mart’s move could be a blow to Merchant Customer Exchange, or MCX, set up a few years ago by a consortium of retailers and restaurants to create an industrywide mobile payment system.
The app provides an improved shopping experience for its customers, as it offers features such as check in to collect online order at Walmart store, refill pharmacy prescriptions, and locate specific items within the store. Today, however, Walmart has announced its own mobile payment solution called Walmart Pay that is compatible with both iOS and Android.
Walmart Pay may not draw many customers away from the use of American Express, MasterCard or Visa. Compared to the steps Walmart Pay puts users through, using a regular credit card sounds faster and easier. An electronic receipt will be sent to the customer via the app.
The chain does not accept Apple Pay, Samsung Pay or Google Wallet. The retailer claims that its application is already one of the top-three retail apps on the Google Play Store and Apple App Store, and has 22 million MAUs (Monthly Active Users) overall. But it works only in stores with newer, NFC equipment. “When we looked across all the solutions that were out there, many are limited to only certain types of phones or certain device operating systems or only to certain payment types”.