Walmart Pay Launches: Will It Soar Above Current Mobile Pay Services?

Walmart, that huge superstore that consumers either love or hate, has created a mobile pay service to rival big names such as Apple Pay, Android Pay, and Samsung Pay. As Walmart launches the new Walmart Pay, one may wonder if this new service, which operates in a totally different manner from the aforementioned mobile pay services, will completely corner the market.

It makes sense that Apple Pay works with iPhones, as Android Pay works only with Android operating systems. Walmart Pay, however, is unique in that it will be able to accept payment from both operating systems, as well as credit and debit cards. If this system ends up working as well as expected, why would separate Apple, Samsung, and Android payment devices be needed? One app that encompasses all types of payments in all stores would certainly make shopping easier. Walmart has the potential to corner the market in this area, as it has done in the department store business for years.

According to the International Business Times, Walmart senior vice president of services, Daniel Eckert, explains that executives are looking at the big picture and planning Walmart Pay to make shopping easier for their customers both now and in the future.

“We made a strategic decision to design Walmart Pay to work with almost any smartphone and accept almost any payment type — even allowing for the integration of other mobile wallets in the future. The result is an innovation that will make the ease of mobile payments a reality for millions of Americans.

“We are listening to the needs of the customer. We are looking at innovating the checkout experience and using payment to do that.”

Headline and Global News reports that Walmart Pay launches in select stores this month. Not surprisingly, the first testing begins in Bentonville, Arkansas, where the company headquarters is located. A nationwide launch of Walmart Pay is expected to be implemented by mid 2016.

Taking a completely different approach than other mobile wallets, Walmart Pay works by opening the Walmart app on any type of smartphone, activating the phone’s camera, and scanning a code. An e-receipt is sent directly to the app. Before the first use, it is necessary to add whichever payment method you plan on using in the app.

While this seems more complicated, and more time-consuming, than simply swiping a credit or debit card, Walmart Pay is actually meant to make shopping faster and easier. Walmart is dedicated to creating a better shopping experience for consumers, which certainly means decreasing wait time in check out lanes. Previously, the company added self-checkout registers to help minimize the inevitable crowding, especially during the busy holiday season.

Mobile security is certainly a very real concern these days. Something about this seems just too easy and very insecure. Fortune states that the app will not hold sensitive credit card information. It will instead be secure on the Walmart website. According to Neil Ashe, president and CEO of Global eCommerce for Walmart, using this new system should prove to be very secure.

“We are creating a seamless shopping experience that includes payment. It’s fast. It’s simple, and it’s a secure way for customers to use their smartphone.

“Walmart Pay makes the app more valuable to the customers and helps us build a deeper relationship with them.”

Walmart Pay launches this week in Bentonville. What do you think about Walmart Pay?

[Photo by Joe Raedle/Getty Images]