Walmart has launched a “Pay with Cash” option for online orders at Walmart.com in the United States.
The nation’s largest retailer said that “Pay with Cash” marks the first large-scale online shopping service without the need for banking transactions or a credit, debit or prepaid card.
Customers can select an item online, but they have 48 hours to take a printed form to a cash register at any Walmart store.
Walmart said the service will help those households dubbed as “unbanked and underbanked” by the banking regulator, the Federal Deposit Insurance Corp.
These shoppers usually don’t have a bank account or credit card or have limited banking options, and often rely on cash as a primary form of payment for purchases.
However, many of them are online, with 81 percent of the unbanked and 63 percent of the underbanked having Internet access, Walmart said.
At Walmart stores, most transactions involve cash or cash equivalent, including debit cards, and about 15 percent of transactions are paid in the form of credit.
“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,” said Joel Anderson, president and CEO of Walmart.com. “
Here’s how online “pay with cash” works:
- Customers go to Walmart.com from any Internet-connected device to select an item and place an order.
- During checkout, the customer selects the “cash” option and their shipping preference. Customer immediately receives an order number on the order confirmation page and an email receipt with their order number. The item is reserved in the system.
- The customer has 48-hours to take the printed order form to any cash register of any Walmart store or Neighborhood Market.
- Once cash payment is completed in the store and received, shipping then occurs via “site to store” or to their preferred address.