Wal-Mart said the system makes it the first online retailer to offer a “pay with cash” option, providing shoppers with a broader selection of items without the need for a credit, debit or prepaid card.
“Many of our customers shop paycheck to paycheck and are looking for more ways to purchase items online but don’t have the means to a credit, debit or prepaid card,” Joel Anderson, president and chief executive officer of Walmart.com, said in a statement. “Our new ‘Pay with Cash’ offering is designed just for them. It makes it easier for our customers to shop the way they want, where they have access to a broader product selection at Walmart.com coupled with the convenience of payment and shipping as they want.”
At Wal-Mart stores, the majority of transactions are paid for in cash or cash equivalent, including debit cards, and approximately 15% of transactions are paid in the form of credit.
In a recent survey, Wal-Mart found that more than two thirds of those identified as “underbanked” were likely to use cash as a form of online payment if the option were available. Using “Pay with Cash,” customers purchase items at Walmart.com, pay for them in stores within a 48-hour period, and then have the items shipped to their home or to a local Wal-Mart store.