Macy's (NYSE:M) is hopping on the digital wallet bandwagon, announcing on Aug. 26 that shoppers would be able to use the new option to manage special offers and make in-store and online payments.
Shoppers simply sign into their Macy's profile and choose My Wallet before registering a Macy's credit card. Star Pass promotions will automatically be added to the wallet and applied online. Shoppers will also see a list of special offers when they swipe their card during in-store checkout. The digital wallet can include up to 10 credit cards.
With security such a concern for many consumers when it comes to using digital wallets, Macy's has added a couple of safety measures to make sure customer information doesn't end up in the wrong hands.
Users are automatically logged out of the service if the wallet hasn't been used for 30 minutes, meaning if shoppers should lose their mobile device with My Wallet registered on it, a username and password will have to be provided to access the wallet again.
Macy's is the most recent retailer to tinker with a digital wallet, despite similar forays into new payment options that have shown mixed results. Neiman Marcus recently enabled Visa Checkout for online payments, while Amazon has begun testing a wallet of its own with little fanfare.
After reporting lower-than-expected earnings and tempering its outlook for the rest of the year, it has become critical that Macy's make sure it's as easy as possible for shoppers to find and buy the items they want.
The new payment initiative is part of the retailer's strategy to build out its online support and omnichannel options. The company has promised to invest $1 billion in technology and infrastructure to bolster its efforts.
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