Retail Intelligence: Walmart.com Accepting Cash Payments
27 Apr 2012 |
Walmart.com is allowing customers to pay with cash for goods ordered online.
Walmart’s Pay with Cash method was launched in the US this week. Walmart says it is the first major retailer to allow online shoppers to pay cash for goods ordered without a debit, credit or prepaid card.
When ordering goods from Walmart.com, a consumer can now pay with cash by selecting Cash as the payment option in the checkout process. Customers then have 48 hours to go to a Walmart or Neighbourhood Market cash register with the printout of the order confirmation page and the cash payment. When the payment is made, Walmart.com then processes the order with the goods being shipped to the customer's home address or nearest store.
Only around 15 per cent of good purchased in Walmart stores are paid for with credit cards. A recent survey of Walmart shoppers revealed that more than 67 per cent of those identified as underbanked were more likely to use cash when paying online if the option were available.
According to the Federal Deposit Insurance Company, one in four US households don't have bank accounts or credit cards or don’t have reasonable banking options, and pay with cash for goods. With 81 per cent of the unbanked and 63 per cent of the underbanked having Internet access, Walmart said the new method of payment was introduced to assist customers who prefer to pay by cash. It would also help those who don’t like using credit cards to shopping on the Internet.
"Many of our customers shop pay check to pay check and are looking for more ways to purchase items online but don't have the means to a credit, debit or prepaid card," said Joel Anderson, President and CEO of Walmart.com. Customers also have the option of paying by credit cards, debit cards, PayPal and BillMeLater.
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