Hey, Mobile Wallets Don’t Work for Everyone

Only 15 percent of Walmart's in-store transactions are credit.

Wal-Mart (flickr.com/Monochrome)

So, a decade from now, it’s going to be all smartphone-enabled mobile wallets, right? Children being born right this minute will look at good old greenbacks the way today’s teenagers think of VHS cassettes. Well, Wal-Mart apparently isn’t so sure about that, because the big box behemoth has just launched an online “Pay with Cash” option specifically targeted to consumers who don’t have debit or credit cards. That’s a bigger market than you might assume.

Walmart.com president and CEO Joel Anderson told All Things D:

The fact that only 15 percent of our transactions are done in the form of credit at our stores means there’s a large percentage of Wal-Mart customers who are dependent on cash to transact online. We definitely think it is a big opportunity.

Nor is Wal-Mart alone in its interest in the underbanked, with companies like Pay Near Me, Green Dot, and Netspend all offering solutions. So let’s not shut down Bureau of Engraving and Printing just yet. Hey, Mobile Wallets Don’t Work for Everyone