Walmart Inc. (NYSE: WMT) is reportedly sweetening its pay-by-bank feature in Walmart Pay, allowing customers to pay directly from their checking accounts rather than debit cards, with transactions instantly reflected in their bank accounts.
With this update, Walmart will receive the funds instantly, reported Bloomberg.
Walmart's new pay-by-bank offering will be launched in 2025.
The dealings will occur over Fiserv Inc FI's NOW Network, which incorporates The Clearing House's Real Time Payments network and the Federal Reserve's FedNow.
According to Benzinga Pro, WMT stock has gained over 43.9% in the past year. Investors can gain exposure to the stock via SPDR Select Sector Fund - Consumer Staples (NYSE: XLP) and Fidelity MSCI Consumer Staples Index ETF (NYSE: FSTA).
The company is gearing up for the holiday season with new initiatives aimed at convenient shopping habits.
Leading the charge is the return of its inflation-free Thanksgiving meal, priced lower than last year, set to launch on Oct. 14.
This year, the retailer also introduced a "buy one, give one" donation feature, allowing customers to easily contribute meals to those in need.
Walmart said it is also expanding its delivery services, reaching an additional 12 million households, which will provide enhanced speed and convenience for customers looking to shop from the comfort of their homes.
Earlier this week, Sam's Club, the $86-billion warehouse club division of Walmart, introduced a fresh workforce compensation plan, which boosted pay for close to 100,000 frontline associates and provided guidance for longer-term financial futures.
WMT Price Action: WMT shares are trading lower by 1.35% to $77.96 at last check Thursday.