Walmart Adds MasterPass for Online, Mobile Checkout (Jan. 4, 2016)
Hot on the heels of its December Walmart Pay launch, retail giant Walmart is taking another step to speed up payments for shoppers. MasterCard announced today that Walmart will accept MasterPass in 2016 across its domestic online properties.
MasterPass securely stores payment and shipping information, which is readily accessible when consumers check out using the “Buy with MasterPass” button and log into their accounts. U.S. consumers can set up a MasterPass account by visiting the MasterPass Website or by signing up with a participating bank. Launched in 2013, MasterPass by MasterCard is currently available in 24 countries and is accepted at 250,000 merchants globally.
Streamlining online checkout to improve shopping cart abandonment is a major priority in payments, with MasterPass, Visa Checkout, Amex Checkout, PayPal One Touch and Pay with Amazon, among others, expanding their reach. A 2015 Jumio report estimates that shopping cart abandonment costs retailers $24.5 billion in revenue. Even as retailers like Walmart and others launch proprietary ways to pay—and we look to the 2016 rollout of MCX’s CurrentC—it’s clear that giving consumers more payment options likely will win out over exclusivity. Dunkin’ Donuts, which announced integration of Visa Checkout for its Website and mobile app last summer, also integrated Apple Pay within its mobile app in December.