All major tech-companies have mobile pay systems and now a major retailer gets in trend as Wal-Mart launches Wal-Mart Pay.
- Wal-Mart Pay will be a new mobile payment app that runs on any smartphone
- Wal-Mart Pay competitors are apps from the biggest tech-companies
- The retailer’s app will use a QR code scan to make the payment
The mobile payment system has been flourishing lately and Apple, Google and Samsung have been competing for the best payment app. There are Apple Pay, Android Pay, Samsung Pay and Google Wallet. But why would you use any of them if you go shopping when you could use Wal-Mart Pay.
The system will allow customers to pay with any credit or debit card or the store’s gift card through the application. Although, the move might seem risky, given the variety people can choose from, the retailer seems to believe that having its own system could be safer for both them and their customers. It will also be easier, as the other mobile payment apps are created to work only on certain devices. According to their records, the Wal-Mart app is used monthly by 22 million customers and about half of their online orders come from a mobile device. Therefore, it only makes sense to create such a payment system.
If you would like to know how the system works, here are some details. After you download the app you select a method of payment. At the register they activate the camera to scan the QR code on the reader. The code connects the phone with the basket and then sends an e-receipt to the buyer.
Unlike the other mobile pay apps that work on NFC where the customers authorize the payment with a fingerprint ID this app will work on a QR system which means the code will be scanned by a register.
What makes this system safe is that the card issuer generates a different card number, so the merchant never sees the real n umber of the card. Therefore, even if the system of the store happens to get hacked into, the hacker won’t be able to find your card number.
Although not retailers, some cafes and fast-food restaurants like Cinnabon or KFC will also start using a mobile payment app, the one from Apple probably next year. The Wal-Mart app will also be available starting next year and it will most probably help a lot of customers finish doing their shopping faster.
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