As large as Wal-Mart stores are, their physical inventory is only a part of the merchandise this retail giant has to offer. And as Wal-Mart begins to experiment with building smaller size outlets, the company wants to leave no shopper behind. Even those that want to pay with cash, which they believe represents two-thirds of all the unbanked consumers that regularly shop at a Wal-Mart, according to a company press release.
The cash-online model, which has been operating in the US market for some time through products like PayNearMe available through alliances with 7-Eleven stores, but Wal-Mart’s cash payment product draws a ring around the consumer, pulling them into the store through online activities with no credit card required.
At Wal-Mart stores, the majority of transactions are paid for in cash or cash equivalent, including debit cards, and approximately 15 percent of transactions are paid in the form of credit. The retailer is seeing more demand for cash as a payment option online, and the new “Pay with Cash” program provides that additional convenience. In a recent survey, Wal-Mart found that more than two thirds of those identified as “underbanked” were likely to use cash as a form of online payment if the option were available. Using “Pay with Cash,” customers purchase items at Walmart.com, pay for them in stores within a 48-hour period, and then have the items shipped to their home or local Wal-Mart store.
Click here to read the press release.