Some might have considered Walmart Pay to be a bit of a joke; after all, there were no shortage of mobile payment platforms in play already, and Walmart had pretty much kicked CurrentC to the ground despite being a member of the Merchant Customer Exchange (MCX), the organization that brought CurrentC to life, such as it was.
Walmart Pay is deadly serious, though, and gaining a lot of ground. In fact, new reports suggest that Walmart’s been in talks with several mobile wallet providers to put some added value into the equation.
Recently, Walmart landed JP Morgan and Chase, which was a pretty big coup in its own right, but Walmart isn’t stopping there. Not only is it expanding its options, it’s also changing its marketing up.
While it expected younger males to be the biggest users of its mobile payment system, it turned out that the early users were trending much older; Gen X and baby boomer customers proved fond of the service, prompting changes in how the company marketed its products.
With the mobile payments market running around $67 billion just in 2015, and this year’s numbers expected to hit around $83 billion, that’s reason enough for Walmart to get-and stay-in the game as much as possible.
With customers reportedly using the service almost weekly, about three to four times a month, there’s a clear importance in having Walmart active. If Walmart can succeed in adding more mobile wallets to the service, it’s entirely possible that Walmart could offer a full mobile payments operation, branching out into other stores and routing those payments through Walmart’s own systems. It would be like having a small percentage interest in just about any other store.
The long-term ramifications of this move will take a while to boil down, but in the near-term, there’s certainly room here for a lot to happen. Walmart’s push on the mobile payments market may mean big things for the Bentonville titan, and we’ll all have to watch carefully to see what comes out.