January 1, Walmart Shakes Up Online Shopping with Instant Bank Payments

Many of us rely on Walmart for our everyday needs, from groceries to clothing, and how we pay at this retail giant is just as crucial as the prices we pay. In a move that’s bound to resonate with savvy consumers, Walmart has announced a game-changer: the introduction of instant bank payments for online purchases. This bold initiative will save the corporation on credit card fees while also benefiting consumers with real-time payment processing.

Over the years, customers have been vocal about their frustration with Walmart’s refusal to accept Apple Pay, pushing instead for the use of Walmart Pay through their app. Back in June, Walmart introduced a pay-by-bank option to this service via the Automated Clearing House (ACH), allowing shoppers to link their bank accounts. A notable downside, though, was the one to three-day delay for transaction processing.

Still, the early reception to this pay-by-bank option exceeded Walmart’s expectations. Shoppers warmed up to the idea, building momentum and proving that Americans are more than ready for efficient and secure payment methods.

Now, Walmart is taking it up a notch by teaming up with Fiserv, a global fintech and payments company, to roll out real-time transaction technology. This means customers will see their payments instantly, allowing them to manage their finances more effectively. “When the transaction processes as a real-time payment, customers get immediate access to see that payment come through,” said Walmart rep Daniel Henry. “It’s not as if I’ve got this phantom payment out there that’s going to take a couple of days down the road.”

This new payment option will be available for online orders and is slated to launch early next year, just in time to make budgeting a little easier for American families.

For those who prefer in-store shopping, Walmart offers another flexible payment option: Affirm’s Buy Now Pay Later (BNPL). Available at most Walmart self-checkout kiosks through the Walmart app, Affirm allows approved shoppers to pay for their purchases over several months. This comes with no hidden or late fees and some items even come with 0% APR.

However, it’s essential to read the fine print. For items not eligible for 0% APR, the rate can range between 10–36%, depending on your credit. Walmart clarifies, “The exact terms you qualify for will be shown when you check out with Affirm.”

In a time when managing expenses is increasingly important, Walmart’s latest payment innovations are steps in the right direction for smart consumers.

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