Walmart Now Allows Backup Payments

Mobile payment technologies have transformed the way we handle transactions in various aspects of our lives, including travel. Amadeus’s report explores the potential of mobile payments to revolutionize the travel industry.

It highlights the advantages of adopting free mobile payment solutions, such as simplified transactions, cost savings, and enhanced security measures. This article delves into the key findings of the report, shedding light on how mobile payments are reshaping the travel experience for businesses and consumers alike.

What is Walmart-backed payment?

Walmart is one of the largest retail chains in the world and has introduced several payment methods to provide convenience to its customers. One of the popular methods is the “Walmart-backed payment”.

Walmart-backed payment is a payment system that allows customers to make purchases using a mobile application called “Walmart Pay”. This app allows users to link their credit or debit cards and then pay at Walmart stores by scanning a QR code at the point of sale.

The Walmart-backed payment system offers several advantages to customers. One is the convenience of making quick and hassle-free payments directly from their mobile devices. In addition, customers can also access exclusive promotions and offers through the Walmart Pay app.

It is important to note that Walmart-backed payment is not a form of credit or financing. Payments are made using credit or debit cards linked to the app, and funds are immediately deducted from the customer’s account.

More to know…

Interestingly, as of February 2019, Walmart offers a flexible payment option with Affirm, Buy Now, Pay Later (BNPL). Which allows customers to pay in installments with Affirm for purchases made at more than 4,000 Walmart Supercenter stores. Walmart Nationwide will also integrate Vahvist as a payment option on its Walmart.com e-commerce site and make the service available at Walmart Vision Centers.

In August 2022, eligible consumers who spent at least $300 on a single Affirm purchase at Walmart, either in-store or online, received a free 90-day Walmart membership. Members of Walmart’s program, which normally costs $12.95/month/$98/year, receive exclusive benefits such as free shipping with no minimum order, free in-store delivery, and discounted gas prices. Walmart also replaced its payment program with Affirm Installment. Walmart expands payment options, creates fintech stores.

Supporting the launch of One and partnering with Affirm on BNPL are just a few of the steps Walmart has taken in recent years to become more flexible in accepting payments and build its presence in the fintech space. In October 2022, the discount giant joined real-time reward Premium Payback, powered by fintech provider FIS. As a result, Walmart customers can redeem rewards points on their credit cards for real-time discounts at more than 4700 Walmart stores in the United States.

Walmart also partnered with financial technology company and payment platform PayNearMe to enable customers to pay for their utilities in cash at select Walmart stores. Other activities include working with InComm Payments to expand payment technology provider Vanilla Direct’s financial network to more than 4700 stores nationwide.

Bill payments at cons

Beginning in August 2021, the new service, developed in partnership with fintech companies PayNearMe and GreenDot, will allow customers to pay bills at participating Walmart locations, according to a press release. To pay bills, customers show a code that can be scanned with a smartphone to a colleague at the Checkout or Customer Service Office, pay cash and pick up a receipt confirming payment. The money is then electronically transferred to the bill with a consolidated statement.

Walmart customers can already pay their bills in cash at Walmart stores, but the retailer generally requires account and issuer information.

“With us, they scan, pay and go,”

Laura Rummel, PayNearMe’s director of account management and retail partnerships, said in an interview. Michael Kaplan, chief revenue officer, and chief operating officer of PayNearMen said,

“Nearly a quarter of the U.S. population prefers or needs to pay their bills in cash, and when these people can pay rent, car payments, and utilities at the same time, wherever they shop, it’s easier and more convenient to pay their bills on time. We are excited to offer consumers more PayNearMe locations to make cash payments.”

PayNearMe accepts all payment methods, including cards, Automated Clearing House (ACH) transfers, Apple Pay and Google Pay, and has been accepting cash payments on its network since 2009. PayNearMe cash payments are accepted at more than 31,000 U.S. retailers, including a variety of businesses.

Strengthening financial services

Walmart has strengthened its financial services offering to become a centralized provider of consumers’ financial needs. The retailer recently hired two Goldman Sachs executives to oversee the expansion of its financial services.

In addition, in January, Walmart announced the formation of a fintech startup with investment firm Ribbit Capital.

“For years, millions of customers have relied on Walmart not only to save them money when they shop with us but also to help them manage their financial needs”

said John Furner, Walmart’s U.S. CEO, in a press release.

“And they’ve made it clear they want more from us in the financial services sector.”

U.S. economy grows at 6.4%, expected to rise in the coming months

According to the Associated Press, the U.S. economy grew 6.4% in the fourth quarter, driven by consumption, a sign of economic strength boosted by a reduction in government aid and fewer cases of COVID-19.

The Commerce Department announced Thursday that the estimated gross domestic product (total output of goods and services) accelerated in the January-March quarter from annual growth of 4.3 percent in the final quarter of 2020. In the current season, growth is expected in April-June. growing even faster, reaching an annual rate of 10 percent or more.

According to the article, consumers are expected to be much more willing to travel, shop, eat out, and continue their old spending habits. Economists point to widespread vaccinations, business reopenings, increased federal spending, and healthy jobs as helping to keep economic growth stable. According to experts, the economy can grow nearly 7 percent for all of 2021, which is the fastest annual growth since 1984.

“It should be a very successful year. I’ve been forecasting the economy for almost 30 years, and I can’t remember a time when I was as confident as I am now.”

Mark Zandi, chief economist at Moody’s Analytics, told AP.

 Amadeus releases a report on mission spending

Travel has long been the largest area of discretionary spending for many companies. But a new report from travel technology solutions firm Amadeus outlines how mobile payments technology can help simplify and revolutionize business and consumer travel.

Free mobile payment can offer a new alternative to traditional systems and help businesses save money. This can help businesses track their purchasing policies in real-time at the time of purchase. Business travelers may also be more motivated to travel for work. As 38% of employees said they would not consider business travel because they must pay for their expenses.

The Amadeus report also provides an overview of the security measures required by employees, how payment innovations can revolutionize consumer processes, and Amadeus’ vision for free corporate travel payments.