According to the FDIC, one in four U.S. households fall into the unbanked and underbanked categories where they don’t have a bank account or credit card or have limited banking options, and often rely on cash as a form of payment for purchases.(1) However, many of them are online, with 81 percent of the unbanked and 63 percent of the underbanked having Internet access.(2)
At Walmart stores, the majority of transactions are paid for in cash or cash equivalent, including debit cards, and approximately 15 percent of transactions are paid in the form of credit. The retailer is seeing more demand for cash as a payment option online, and the new "Pay with Cash" program provides that additional convenience. In a recent survey, Walmart found that more than two thirds of those identified as "underbanked" were likely to use cash as a form of online payment if the option were available. Using "Pay with Cash," customers purchase items at Walmart.com, pay for them in stores within a 48-hour period, and then have the items shipped to their home or local Walmart store.
Pay with Cash: How it Works
- 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.