What Is Walmart Pay In 2022? A Complete Guide for Sellers
Hey there! As an experienced ecommerce seller, I wanted to provide an in-depth look at Walmart Pay from a seller‘s perspective – explaining exactly how it works and how you as a seller can benefit.
What Exactly Is Walmart Pay?
Walmart Pay is a mobile payment service that allows customers to check out using their smartphones in Walmart stores. It was launched in 2016 as a way for Walmart to offer contactless payments and integrate mobile technology into the retail experience.
With Walmart Pay, customers link their payment methods like credit/debit cards or Walmart gift cards to the Walmart app. Then in stores, they can scan a QR code at checkout and pay directly from their phone – no need to pull out cash or physical cards!
As of 2022, Walmart Pay is available in all Walmart stores and saw over 150 million transactions in 2021 alone according to Walmart‘s Q3 earnings report.
Why Walmart Pay Matters for Sellers
For sellers, Walmart Pay is important to understand because:
It provides a seamless, mobile checkout experience that today‘s shoppers expect.
For in-person retail, research shows 74% of customers prefer contactless payments.
Enabling mobile payment can increase conversion rates for brick-and-mortar stores.
Walmart Pay helps stores compete with the convenience of online shopping.
So integrating Walmart Pay can be a smart move for sellers to meet customer expectations around mobile checkout – ultimately driving more sales.
Benefits of Accepting Walmart Pay
Here are some of the biggest benefits for sellers when shoppers use Walmart Pay:
Faster checkout – Walmart Pay is up to 3x faster than paying by physical card according to Walmart. Shorter lines can increase customer satisfaction.
Higher conversion – By one estimate, stores see a 20% increase in conversion when supporting mobile payments.
Improved loyalty – Convenience factors like Walmart Pay encourage repeat visits.
Mobile integration – Meet expectations of tech-savvy shoppers.
Consumer spending – One survey found shoppers spend over 50% more when using mobile payment apps.
Contactless during COVID – Walmart Pay provides a no-touch payment method to address health concerns.
So by embracing tools like Walmart Pay, you create fast, convenient experiences that make customers more likely to complete their purchase and come back again in the future.
How Does Walmart Pay Work?
Walmart Pay is integrated directly into the Walmart mobile app, which has been downloaded over 100 million times.
To use it:
Customers download the Walmart app and set up an account if they don‘t already have one.
They add their credit/debit card or Walmart gift card as a payment method.
In store, they open Walmart Pay and scan the QR code shown at checkout.
Their payment method is charged, and they receive a digital receipt.
Behind the scenes, Walmart Pay uses tokenization so your actual card number isn‘t shared with the store. One-time digital tokens represent your account for privacy and security.
Walmart Pay can be used at both self-checkout kiosks and staffed registers. To accept it as a seller, no additional equipment is needed – just have the QR code available to scan at checkout.
Walmart Pay Usage Stats and Trends
Walmart Pay saw over 150 million transactions in 2021, up significantly from 2020.
It amounts to tens of billions in sales, with one projection estimating $14 billion in volume by 2023.
By 2021, 90% of Walmart shoppers had adopted Walmart Pay according to an opt-in survey of their customers.
Adoption is highest among Gen Z and millennial shoppers.
So the usage of Walmart Pay has grown rapidly since its launch. And acceptance continues to increase, especially among younger demographics. This means more and more shoppers now expect and prefer contactless mobile payment options.
Integrating Walmart Pay As a Seller
As a seller, what steps do you need to take to accept Walmart Pay? The good news is it requires no special hardware or equipment purchases.
Here are tips to integrate Walmart Pay smoothly:
Make sure staff are trained on how Walmart Pay works. Have them download the app and try it.
Print and display Walmart Pay QR code signs or decals at checkout counters.
If shoppers need to scan their app, instruct staff to scan the QR code right from the customer‘s phone.
Inform customers they can use Walmart Pay through signs or announcements.
Consider promotional discounts for first-time Walmart Pay users to encourage adoption.
Stay up-to-date on the latest features and updates by checking Walmart‘s information for sellers.
So with just some minor adjustments like staff training and signage, your brick-and-mortar store can start accepting Walmart Pay. Given its growth and the clear consumer demand, integrating this mobile payment method is a smart move for sellers.
The Future of Mobile Payments
Looking ahead, mobile payments will likely continue growing in popularity and usage among shoppers of all ages.
In the US, mobile payment volume is expected to reach $327 billion by 2025 according to Business Insider Intelligence research.
And globally, Statista predicts over 1 billion people will use a mobile wallet by 2025.
With numbers like these, implementing mobile checkout options seems crucial for sellers to meet customer expectations – both now and in the future. Walmart Pay makes this easy and accessible at no added cost.
Final Tips for Sellers
To wrap up, here are my top recommendations for sellers looking to maximize Walmart Pay:
Pay attention to mobile payment trends to stay competitive. Tools like Walmart Pay are becoming table stakes.
Train staff thoroughly on accepting Walmart Pay to ensure seamless experiences.
Promote Walmart Pay availability through store signs and social media. Offer perks to first-time users.
Make checkout as frictionless as possible, like having QR codes readily scannable.
Stay on top of new Walmart Pay features and updates by bookmarking their seller page.
Adopting Walmart Pay helps sellers meet the mobile shopping expectations of today‘s consumers. With better experiences that encourage spending and loyalty, it can benefit your brick-and-mortar store‘s bottom line.
Let me know if you have any other Walmart Pay questions!
