What Walmart Pay Knows That Apple Pay Doesn’t
A lot of exciting things have happened in payments — and commerce, more broadly — over the last three years.
PayPal became pals with the card networks and their issuers.
India demonetized its currency and put digital payments adoption into overdrive.
Amazon ignited conversational commerce with Alexa and the portfolio of apps and devices that now have her at the consumer’s beck and call.
Selfie Pay became a real thing.
Walmart bought Jet.com to beef up its eCommerce business.
Paying gig workers faster has given the gig economy a real boost.
Efforts on the part of the payments ecosystem to fight the fraudsters have managed to decrease the rate of online fraud by about a third.
But here’s one thing that the last three years hasn’t done: increase the consumer’s appetite to turn their smartphones into a digital payment form factor when they check out in a physical store.
In fact, the results from the latest PYMNTS/InfoScout Mobile Payments Adoption and Usage study over nine quarters concludes what now sounds like the same song, different verse: Consumers largely haven’t been given a good enough reason to remember to use them, even though when they whip out their plastic cards to pay for something in a store, they often have their phone in their other hand.