Mobile payment solutions all over the world are competing to gain a foothold in the industry. Unfortunately for the end consumer, this is such a fractured landscape, and it will take a while until a platform comes along most people can use for everyday purchases. Whether or not that solution will be Walmart Pay, remains to be seen. All this competition does is showcase Bitcoin’s strengths as a universal payment method.
Also read: European Interest in Contactless Payments Creates Bitcoin Adoption Opportunities
Walmart Pay – Another Fragmented Initiative?
Not too long ago, Walmart made it very clear that they were working on their very own mobile payment solution, rather than relying on other popular concepts. Walmart Pay, as this mobile payment tool will be called, is a proprietary system that can only be used within the chain’s stores itself.
The initial rollout of Walmart Pay will be very localised as Arkansas customers will be the first to get their hands on this new solution. Owners of either Android or iOS devices will be able to install and use Walmart Pay from day one, and a lot of major debit and credit cards will be supported at launch.
One of the major downsides of most mobile payment solutions is how they only work with a few devices. Walmart Pay will not suffer from that drawback, as the application has been designed specifically to be compatible with nearly any smartphone in existence. But that is not all, as Walmart Pay leaves the door open for future integration with other mobile wallets in the future.
It is important to keep in mind that Walmart is still working with a consortium of retailers backing the CurrentC project. Merchant Customer Exchange – or MCX – is the overarching body of this mobile payment solution, which aims to create a unified mobile payment solution for major retailers, including Target, Walmart, and Lowe’s.
Future Bitcoin Integration Remains Possible
While it is still too early to tell whether or not Walmart Pay will turn out to be a major success, remains to be seen. That being said, the concept of possible integration with another mobile wallet opens up interesting possibilities, even for Bitcoin users. Unlike any other mobile payment solution linked to traditional financial tools, Bitcoin can be used on nearly any device without requiring a plastic card or bank account.
Additionally, Bitcoin integration could prove to be quite beneficial to tourists and foreign visitors shopping at Walmart during their stay. Rather than using cash, or their international plastic card, they could just use Bitcoin, which effectively acts as a global currency. Plus, there would be far fewer transaction costs involved for both Walmart and the customer.
Source: CNET
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