Wal-Mart Stores, Inc. just relayed that it will be unveiling its own payments unit this week. The retail giant’s Walmart Pay stands to rival hotly against Apple Inc. platform Apple Pay. The branded payments system will prove to be heavy competition as well for similar solutions from Samsung and Alphabet Inc.
Wal-Mart launches a mobile pay service
On Thursday, selected Wal-Mart stores in the U.S. will witness Walmart Pay go live. The mobile payments solution will feature on the retailer’s mobile app. It will allow Wal-Mart customers who are savvy with their smartphones to pay with any major debit and credit card, or a pre-loaded store gift card.
But Walmart Pay will not be like most mobile payments solutions. Unlike the solutions it will rival, Walmart pay relies on QR codes to process a transaction at the checkout terminal. Upon checkout, buyers select Walmart Pay on the store’s app and take a picture of the QR code displayed at the terminal. An electronic receipt is then stored on the app. For added security, users can opt to used Apple Touch ID for fingerprint enabled safety.
“We made a strategic decision to design Walmart Pay to work with almost any smartphone and accept almost any payment type,” says Mr. Daniel Eckert, VP of services. Eckert assured that the acceptance of more mobile wallets will happen in the future. “The simplicity and easy of Walmart Pay comes not only from how it works, but also in how it’s built.”
Wal-Mart Stores, Inc. sees over 22 million people make use of its Android and iOS apps every month, the retailer reports. Without naming specifics, Mr. Eckert assured that Walmart is working with digital wallet entities in order to accommodate more buyers.
“The result is an innovation that will make the ease of mobile payments a reality for millions of Americans.”
Walmart is among the largest supporters of retail payments giant MCX. MCX is also behind mobile money platform CurrentC. The system is still in its beta testing phase but Wal-Mart has confirmed that it will keep accepting CurrentC despite the launch of Walmart Pay.
Current C will be launched in 4,600 stores in the U.S. next year. There have been no plans on how Apple Pay will be integrated into the scene.
Apple Pay has been rejected by Wal-Mart Stores since its release. The retailer says it only matters that costumers have access to a payment choice that are widely accepted. The launch of Walmart Pay stands to distance Wal-Mart Stores, Inc. further away from the Apple Inc. payments service.