Walmart has introduced a pay-by-bank option for its customers, allowing them to make instant transfers from their bank accounts for online purchases. Initially launched earlier this year through Walmart Pay, transactions were processed like digital checks, taking about three days via the Automated Clearing House (ACH). Now, customers will see payments reflected in their bank accounts immediately, offering a real-time transaction process. This move helps customers, particularly those with low balances, avoid risks of overdraft or non-sufficient funds fees by preventing pending transactions from stacking up.
The new pay-by-bank system is part of Walmart’s strategy to reduce reliance on card networks like Visa and MasterCard, whose fees for payment processing have caused tension between merchants and banks. As frustration grows over these fees and more banks adopt real-time payment systems, alternatives like pay-by-bank are gaining traction. Despite limited promotion, Walmart’s pay-by-bank feature has already exceeded expectations in terms of customer adoption, suggesting that more consumers are embracing this alternative payment method.
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