Walmart adds MasterPass digital payment option

Walmart (NYSE:WMT) will be adding MasterPass by MasterCard (NYSE:MA) as a payment option across all digital platforms.

Shoppers can set up for a MasterPass account online and then click the "Buy With MasterPass" button online or on a mobile device. The platform stores the shopper's payment information to speed the checkout process and promises secure transactions.

"We have enjoyed a longstanding business relationship with Walmart and are pleased to expand this into the online and mobile channels through MasterPass," said Michael Cyr, group executive, U.S. market development, MasterCard. "With MasterPass, consumers can go online, place their order and pay with just a click. The burden of entering delivery and billing information is eliminated, further enhancing the Walmart online customer experience."

Digital payments are the future at retail and could grow 100 percent this year, according to Juniper Research. And options are multiplying, with Apple Pay and Android Pay now competing with established card companies including American Express, MasterCard and Visa.

Last month, Walmart announced its own proprietary digital payment option for mobile users called Walmart Pay, and Target is reportedly working on its own mobile wallet as well.

MasterPass will go live on Walmart.com sometime in 2016.

For more:
-See this MasterCard press release

Related stories:
MC sees 'strong uptake' for Apple Pay, big potential for Android Pay
Everybody's talking 'payments'
Customers want payment options; many retailers reluctant to invest
Retailers need security standards for NFC-based services
Only 2% of U.S. consumers use digital wallets

Suggested Articles

Costco changes up its menu items, and Alibaba and Guess partner for a physical store.

Janey Whiteside, Walmart's new chief customer officer, is well acquainted with the importance of customer service in modern retail.

Whole Foods will offer deals on Amazon's Prime Day, and tariffs against China are causing pricing hikes.