News: Walmart pay exceeding expectations
More evidence that retailers are winning the battle for mobile payments loyalty through homegrown platforms: in his kickoff address at last week's CONNECT Mobile Innovation Summit in Chicago, Walmart Services SVP Daniel Eckert revealed that Walmart Pay, the retailer's proprietary mobile payment app, already boasts 20 million active users in the two months since its June launch across its 4,600 US stores.
As reported in Mobile Payments Daily, the difference seems to be that retailers are focused on creating a frictionless experience at the point of sale. Money quote from Daniel Eckert:
"The speed of customer expectation is as dramatic as I've ever seen. We set out to make an easy, seamless experience. It's about saving stress, time, customer pain points. It's not mobile payments for payments' sake."
Another key advantage for retail-centric solutions: With mobile payment platforms such as Walmart Pay being device-neutral, both iPhone and Android users can avail themselves of mobile payments without worrying whether the retailer accepts the device's proprietary payment solution.
So far, the investment seems to be paying off for Walmart; according to Eckert, 80% of Walmart Pay users are recommending the app, and nearly 90% are repeat users. That's a great start - Walmart's next task should be to leverage the app to build long-term, interactive relationships with their most valuable customers.