Welcome to Innovating Payments Top 3 News Headlines for the Week of Sept. 23, 2024. In this issue, Walmart has announced its partnership with Fiserv to enable Pay-by-Bank payments for online purchases, an initiative set to start in 2025. Meanwhile, a PYMNTS report revealed that 74% of travelers view digital wallets as essential to their vacation experience. To streamline its e-commerce operations for sellers and shoppers, Amazon made a number of updates to its Buy with Prime and Amazon Multi-Channel Fulfillment services. Next year, the e-commerce platform will allow Prime members to connect their PayPal account to their Prime account to access fast, free shipping while shopping with Buy with Prime on participating merchants' sites. Read on to learn more.
1. Walmart Partners with Fiserv to Offer Pay-by-Bank Services (The Paypers)
US-based Walmart has announced its partnership with Fiserv in order to enable Pay-by-Bank payments for online purchases, an initiative that is set to start in 2025. Following this announcement, the collaboration will allow Walmart to include lower transaction costs, faster settlements, fewer payment declines, as well as reduced fraud, while customers will have the possibility to avoid stacked pending transactions as well. (Read more.)
2. 74% of Travelers View Digital Wallets as Essential Gear for Vacations (PYMNTS)
A shift is underway, as 74% of travelers said they regard digital wallets as essential to their experience, specifically pronounced among affluent and millennial travelers, with use rates at 83% and 82%, respectively. Customers using digital wallets spend an average of $44 per visit at restaurants, more than the $33 spent by those using traditional payment methods. This trend reflects a broader consumer preference for seamless, efficient payment solutions that enhance the overall travel experience. (Read more.)
3. Amazon adds PayPal option to Buy with Prime (Payments Dive)
To streamline its e-commerce operations for sellers and shoppers, Amazon made a number of updates to its Buy with Prime and Amazon Multi-Channel Fulfillment services, the e-commerce giant announced Wednesday at its Accelerate seller conference. Shoppers using Amazon's Buy with Prime feature can now pay via PayPal. Next year, the e-commerce platform will allow Prime members to connect their PayPal account to their Prime account, so they can access fast, free shipping while shopping with Buy with Prime on participating merchants' sites. (Read more.)
What impact might Walmart's and Fiserv's partnership to enable Pay-by-Bank payments in 2025 have on the broader industry? Is your financial institution seeing an increasing demand for and use of digital wallets? In your opinion, does Amazon's decision to add a PayPal option to its buy with Prime feature to streamline its e-commerce operations for sellers and shoppers speak to a larger trend? Why or why not?
Check back soon for our next issue, which will highlight the industry's most pressing and need-to-know developments. Until then, visit us online at Innovating Payments.
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AUTHOR: Joe Casali, AAP, NCP
Executive Vice President
As the EVP of Payments Innovation for NEACH, Joe focuses on exploring innovative solutions and technologies that will help position members for success, both now and in the future. Connect with Joe to read more of his blogs, articles, and posts.
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