The world's largest retailer is launching its own mobile payment service, taking on Apple, Alphabet, and Samsung. Fred Katayama reports.
Attention shoppers: Wal-Mart is taking on Apple, Alphabet and Samsung. It's launching its own mobile payment feature. Unlike the others, Walmart Pay works on any smartphone using the iOS or Android operating system, and it'll accept any card - credit, debit, pre-paid or Walmart gift card. It launches in select stores Thursday and will go nationwide by the first half of next year. It works like this: shoppers open the Walmart app, choose Walmart Pay, use their camera to scan the QR code at the register, then scan their items. Wal-Mart is rolling out its proprietary system just as phone payments are expected to mushroom. Market research firm eMarketer predicts they'll rise from $3.5 billion in 2014 to $118 billion in 2018. Wal-Mart is also part of a consortium of retailers and restaurants, including Target and Olive Garden, developing the mobile payment system called CurrentC. The world's largest retailer says it is also in talks with mobile wallet developers. It hopes to integrate other payment options in the future.