Chase and Walmart has recently announced an agreement due to which Walmart customers can use the Chase Pay digital wallet to make payments in physical stores, online at Walmart.com, and using the Walmart mobile app. ChaseNet and ChasePay are to go live with Walmart this year.
Earlier, in September 2106, a deal was signed between Chase and Walmart according to which customers would be able to process Chase Visa cards used at Walmart locations through Chase’s closed-loop network ChaseNet. ChaseNet is a part of Visa’s network licensed by the issuer. ChaseNet processes Visa transactions at lower fees as compared to traditional credit card transactions. The network plays the role of a processing backbone for ChasePay.
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Mike Cook, senior vice president and assistant treasurer for Walmart notes that it’s a great opportunity to provide customers with increased convenience and benefits through their Walmart Pay app, simultaneously growing their partnership with Chase. Cook believes Chase Pay, serving as an option within Walmart Pay and online, will enhance customer experience.
Jennifer Roberts, president of strategic alliances and loyalty solutions for Chase mentions they are delighted to strengthen their relationship with Walmart, focusing on providing smooth payment processing experience for their customers. According to Roberts, Walmart is an ideal partner that aims to offer another way of using Chase Pay for everyday shopping.
Walmart has been on the lookout for a way to put mobile payments into use while trying to save on processing fees. According to Reuters, the Chase Pay deal may be followed by others thanks to a possible cooperation with several mobile wallet companies that will open up new doors for more options within Walmart Pay.