The internet has provided a new medium on which consumers can shop for their favorite products without leaving home. However, for those who don't hold credit or debit cards, the internet generally cannot be used for purchasing purposes.
However, Walmart recently decided to implement an alternative finance
option that would allow those without bank accounts or who could not qualify for a credit card because of a dismal consumer credit
history to shop online. The new plan, which allows people to order online but pay at a brick-and-mortar location could boost sales and give individuals more shopping choices. Walmart's new cash option
Tech Crunch found that 85 percent of Walmart customers pay with their either debit card or in cash. With this in mind, Walmart, thinking of cash-only payers, decided to allow orders to be placed on their corporate website, but individuals have to go into the store to pay. Consumers would have to pay at a brick-and-mortar location within 48 hours of ordering the items. The products would then be shipped to the person's home once the payment was processed. This is revolutionary mode of payment for consumers. A large portion of the population would have no access to online-only items otherwise, and would lose out if a product was only available at a different location and would have to be ordered online. Electronic payments are being embraced at a larger scale, and Walmart's new option ensures no one who wants to indulge is left in the dust. Provides competition
Lately, internet vendors like eBay and Amazon have been taking a large market share of retailer revenue because of convenience and availability. However, Forbes believes that Walmart's newest offering will allow traditional retailers to get a leg up over the competition. This sort of transaction would be impossible for a virtual marketplace to complete, as there would be nowhere for consumers to go to pay in cash. Forbes also said currency transactions after ordering online could appeal to another portion of shoppers - those who are afraid to share their financial information online. The magazine reported that though the motivation was to allow consumers to pay in cash for electronic purchases, 40 percent of those participating actually end up using a credit or debit card when they arrive at the store within the 48 hour time limit.