Should you start using mobile pay? Here's everything you need to know

Walmart Pay will work inside the retailer's app. To use the mobile payment service, you go online at a Walmart store and open the Walmart app. Select Walmart Pay and open the camera on your phone.

Wal-Mart Stores Inc.is piloting the app at Bentonville, Ark., area stores before launching the new system in more than 4,500 USA locations next year.

However, Ashe and Daniel Eckert, Wal-Mart's senior vice president of services, told reporters the system is created to integrate with other payment applications like Apple Pay - if the retailer decides to include them.

Walmart is removing the need to get your wallet out at the register with a new digital payment method called Walmart Pay. Walmart Pay will be available on devices using Apple's iOS or Alphabet's Android operating system and allows payments with any major credit, debit, pre-paid or Walmart gift cards, the company said.

But PayPal recently acquired Paydiant, which builds branded mobile wallets into already existing mobile apps, with the goal of trying to establish an early lead as the payments service of choice for major retailers, Monness Crespi Hardt analyst James Cakmak wrote in a research note. The customer merely taps the phone next to a payment machine at the store and authorizes the purchase, usually with a fingerprint ID.

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That continues a decade-long trend: As Wal-Mart has expanded its financial services, including bill pay, check cashing, a prepaid debit card called the MoneyCard, low-cost checking accounts and money transfers, it has often targeted low-income shoppers who may not have access to a debit card, a credit card or other conventional banking services. The retailer is instead one of over a dozen retailers committed to the Merchant Customer Exchange (MCX) consortium and its yet-to-launch rival payments service CurrentC.

Wal-Mart Stores, Inc.is engaged in the operation of retail, wholesale and other units in various formats around the world. Almost half of Walmart's online orders over Thanksgiving weekend came from mobile devices, and customers in stores used the app at almost twice the rate they did during the same period previous year, Walmart executives said. The Wal-Mart app will also be available starting next year and it will most probably help a lot of customers finish doing their shopping faster. Banks are jumping in, too.

JPMorgan Chase, meanwhile, is working on its own system for mobile payments. Plus, have you seen those studies on the number of viruses and bacteria on your typical dollar bill? To work, the substitute number must be paired with a one-time code generated by that device. Therefore, even if the system of the store happens to get hacked into, the hacker won't be able to find your card number. Kovitz Investment Group's holdings in Wal-Mart Stores were worth $34,171,000 as of its most recent filing with the SEC.

This year, the top three selections for what they were most likely to purchase with on-site mobile payment over the holiday season were: clothing (44%), food (41%), and gift cards (30%).