Walmart Revolutionizes Online Shopping with Instant Bank Payments Early Next Year

Clear Facts

• Walmart is introducing instant bank payments for online purchases to enhance transaction speed and efficiency.
• The new payment method will be available early next year and aims to eliminate the delay associated with ACH transactions.
• Walmart’s partnership with Fiserv will enable real-time payment processing, providing customers with immediate confirmation of their transactions.

Walmart is making a significant change to its online payment methods that could benefit both the company and its customers. The retail giant has announced the introduction of instant bank payments for online purchases, a move that promises to streamline the payment process and reduce the waiting time for transaction confirmations.

For years, Walmart shoppers have expressed frustration over the store’s lack of support for Apple Pay. Instead, customers have had to rely on Walmart Pay, which is accessible through the Walmart app. In June, Walmart took a step forward by introducing a pay-by-bank option in partnership with the Automated Clearing House (ACH). This allowed shoppers to link their bank accounts with the app, but transactions still took one to three days to clear.

Despite the delay, the pay-by-bank option exceeded expectations. As noted by Henry, “It’s certainly surpassed our expectations of the amount of customers that have registered and actually use the payment type.”

To further improve the shopping experience, Walmart is now collaborating with Fiserv, a global fintech and payments company. Fiserv’s real-time transaction technology will enable immediate payment processing. Henry elaborated on the benefits, stating:
“When the transaction processes as a real-time payment, customers get immediate access to see that payment come through. I see it hit my account and I can properly budget.”

This new payment option will be available for online orders and is expected to launch early next year.

In addition to the new online payment method, in-store shoppers can also take advantage of Affirm’s Buy Now Pay Later (BNPL) option at most Walmart self-checkout kiosks. This feature, available through the Walmart app, allows approved shoppers to pay for purchases over several months. Walmart assures that Affirm payments come with no late or hidden fees, and some items and purchases will have 0% APR.

However, Walmart clarifies that “For items that do not qualify for 0% APR financing, your APR rate will be between 10–36%, depending upon your credit. The exact terms you qualify for will be shown when you check out with Affirm.”

With these new payment options, Walmart is clearly aiming to make the shopping experience more convenient and transparent for its customers.

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