On Thursday Walmart launched its Walmart Pay app for both iOS and Android, officially throwing its hat into the ring of mobile payments populated by tech companies and big banks. The app is compatible with most major credit and debit cards, and is reportedly open to future integration of other mobile wallets. Previously, the national big-box retailer had been one of the most notable hold-outs of Apple Pay due to its allegiance to MCX’s still-in-testing CurrentC.
What Brands Need To Do
By launching its own mobile payment system, Walmart stands to gain great data on shopper behaviors and purchasing patterns, which it can then use to retarget or personalize the shopping experience for its customers. Moreover, the retailer can also leverage the platform to run promotions and offer added value to its customers, similar to what they have done in China in conjunction with Alipay.
With more and more consumers starting to incorporate mobile devices into the shopping experience, brands and retailers need to start developing a digital payment strategy and incorporate existing reward and loyalty programs into point of sale systems.