How many times have you gone to the store just to grab bananas and then ended up buying 10 more items and spending $150 dollars more than you planned?
I have done this too many times, and sometimes I even buy items I don’t actually need.
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It’s not just price that matters. Everything the store is offering — proximity, variety and quality of offerings, customer service, loyalty programs, and convenience all impact consumers’ decision to buy.
The majority of U.S. consumers (61%) prefer shopping at mainstream grocery chains such as Safeway or Kroger, and 56% choose mass merchandisers like Target and Walmart because of the above-mentioned reasons.
The competition among these supermarket giants is huge, which is why they need to constantly upgrade their offerings.
Related: Walmart quietly launches new same-day delivery option
Walmart (WMT) is known for constantly finding ways to enhance the overall customer experience.
Recently, it announced that Medicare Advantage members can add benefit card information to their Walmart.com accounts, allowing them to unlock plan-specific benefits. It also recently upgraded its food offerings by adding Wienerschnitzel restaurants.
But what about when you don’t have enough money in your account to take advantage of retailers’ offers?
This is when credit cards can work like magic, and it’s why customers are attracted to the overall experience Walmart is now offering.
Walmart partners with Mastercard to provide credit cards to its customers in the U.S.
Image source: Shutterstock
Walmart teams with MasterCard to launch its credit cards
The retail giant on June 9 unveiled a new partnership with Mastercard to provide credit cards to its customers in the U.S. The program is expected to launch this fall.
OnePay, a fintech platform jointly backed by Walmart and investment company Ribbit Capital, and Synchrony partnered to exclusively deliver the new credit card program.
Related: Walmart shares new service that’s better than Amazon
The program is powered by Mastercard’s global payments network, with the experience embedded inside the OnePay app.
The companies plan to launch two types of cards:
General-purpose cards that can be used anywhere Mastercard is accepted; andPrivate-label cards that can only be used for buying at Walmart.
Cards will be available to millions of Walmart customers and to consumers across the country.
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“Walmart is always seeking innovative ways to help customers save money and live better,” stated Chief Financial Officer John David Rainey. “Today’s announcement represents one more way we’re serving our customers the way they want to be served, providing an upgraded digital financial services experience with even greater choice and value.”
Walmart’s suite of financial services products
Over the past couple of years, the world’s largest company by revenue has made a big bet on financial services by adding new payment options and striving to benefit from innovation in embedded finance, writes FintechTalents.
Its products include the Walmart Credit Card and Walmart Money card. Then there are Walmart’s financial services like check cashing, installment financing, and money transfers.
Related: Walmart makes surprise cuts as it looks at tariff price hikes
Three years ago, the company also teamed up with Green Dot to launch first-of-their-kind cash deposit and withdrawal services across its more than 4,700 U.S. stores.
This allowed lower-income customers to quickly make free cash deposits at Walmart stores and access funds from paychecks two days before payday.
The newest credit card deal should increase loyalty and sales, benefiting Walmart and its customers long-term.
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