As previously promised, Target today launched its own mobile payment system with the introduction of "Wallet" in the Target application. Wallet, as the name implies, allows Target buyers in the store to use their smartphone and take advantage of their Cartwheel digital coupons and discounts with just one scan of their barcode.
Savings from Cartwheel in the Target app had worked like this, that is, after adding the discounts on selected products to your Target account using the Cartwheel feature, buyers could present a barcode to scan at the point of purchase. sale to take advantage of the savings. The only difference between that and today is that buyers can also choose to pay using their destination REDcard at the same time.
Target's REDcard is available both as a debit card that links to customers' bank accounts and to a store credit card. , and offers 5 percent purchases to encourage its use.
According to the retailer, the advantage for consumers is a faster payment: up to four times faster than "other types of payment", says a jab in traditional payment methods such as chip-and-PIN cards, for example, which are notoriously slow. (Of course, the retailer also benefits by pushing users to REDcard, where it saves on credit card processing fees.)
In the near future, Target Wallet will also support the ability to add and pay with Target GiftCards, the retailer says.
Target is not the only large brick and mortar retailer with its own payment system. Walmart previously launched Walmart Pay; CVS has CVS Pay; and Kohl's has Kohl's Pay, for example. (Maybe we should give Target credit for not naming their Target Pay solution.)
In addition to saving the company money by switching consumers to store cards, internal mobile payment solutions give retailers access to consumer data that was otherwise waived, the buyer had verified with a Mobile payment solution like Apple Pay, where that information is not shared.
"Wallet in the Target app makes the payment process easier and faster than ever," said Mike McNamara, information director and digital officer, in a statement about the launch of Wallet. "Guests will love the convenience of having payments, Cartwheel offers, weekly ad coupons and GiftCards in one place with Wallet."
The new Wallet feature is available in the Android and iOS versions of the Target application.