Although the American public has been quick to adapt to many high-tech trends from smartphones to online video streaming, one daily activity hasn't completely embraced progress.
When it comes to bricks-and-mortar shopping, Americans still favor cash and cards.
But on Thursday, Walmart (WMT) announced that it would introduce another way to pay in its stores using JPMorgan Chase's Chase Pay through the Walmart app and website. That includes the Walmart Pay mobile service that is available in stores. Walmart shares were roughly flat in Thursday trading.
Retailers want consumers to start using mobile wallet payment systems because they can cut credit card costs, such as those that drove Costco to abandon its long relationship with American Express. Mobile payment systems can also help stores implement customer loyalty programs. Starbucks has seen success with this tactic.
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In 2012, Walmart, along with several other major retailers including Target and CVS Health established a mobile pay consortium called Merchant Customer Exchange. The main goal of the project was to halt the rise of Apple Pay.
However, the consortium has proven largely unsuccessful, owing partly to disagreements among the member companies about the technology itself.
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This year, Walmart introduced its own mobile wallet solution, Walmart Pay. This app allows customers to pay using bank accounts that are synced with a Walmart Pay account.