The enhanced pay-by-bank feature at Walmart allows customers to make online purchases with instant transfers from their bank accounts, addressing high card processing fees.
With the new system, purchases will reflect in bank accounts immediately, meaning customers can avoid stacked pending transactions and better manage their budgets.
Jamie Henry, Walmart's VP of emerging payments, highlights the consumer advantage: immediate access to payments enables better budgeting without waiting for transactions to clear.
As merchants express frustration over high card processing fees, alternative payment options like pay-by-bank are gaining traction among consumers seeking cost-effective methods.
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