Walmart Pay released over a year after Apple Pay
As retailers such as Best Buy (BBY) and Macy’s (M) quickly embraced Apple’s (AAPL) Apple Pay mobile payment service, Walmart (WMT) chose to resist it. More than a year after Apple Pay rolled out, Walmart came out with its rival to Apple Pay: Walmart Pay.
Despite Apple Pay’s lead of more than a year over Walmart Pay, both Walmart and independent analysts have recently begun talking about the prospect of Walmart Pay overtaking Apple Pay in terms of shopper adoption in the United States (SPY). Apple Pay is available in overseas markets in Asia and Europe (EFA).
Tens of thousands taking up Walmart Pay
According to a Bloomberg report, Walmart asserts that Walmart Pay’s enrollment rate has risen to tens of thousands of new users per day, a sharp rise from about four or five months ago. A study by Pymnts.com and InfoScout seems to back the claim of the rapid adoption of Walmart Pay. The study found that as of June 2017, 5.1% of Walmart shoppers reported having used Walmart Pay, putting it close to the 5.5% of iPhone users who reported having used Apple Pay. Walmart Pay’s adoption among Walmart customers was 3.3%, compared to 4.0% for Apple Pay among iPhone users in March.
Walmart Pay works on different platforms
The decision to make Walmart Pay work on different mobile platforms may be providing the lift in its adoption by consumers. The Walmart Pay app works with Smartphones running Apple’s iOS and Google’s (GOOGL) Android mobile operating systems. In contrast, Apple Pay only works with Apple devices—the iPhone, the iPad, and the Apple Watch.