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Target Comes out With Mobile Payment System

Mobile PaymentTarget has launched a mobile payment system called Wallet in its Android and iOS apps.

The retail company called the service in a statement as a “smart new way to pay and save on Target stores.”

With Wallet, Target explained that guests could “pay for items using the Target REDcard and save with Cartwheel.”

Merger of App Functions

The launch of Wallet comes nearly a year after Target announced back in January that it would come out with a mobile payment service later this year.

(Read: Target Will Launch Its Own Mobile Payments System This Year)

In June, Target announced that it would merge the functions of its Cartwheel savings app with the main shopping application.

Benefit

The retailer said the benefit of Wallet is quicker in-store checkout, claiming that checkout will be “up to four times faster than other payment types,” in an apparent reference to traditional payment methods using microchip-and-PIN cards.

Target also said Wallet combines digital savings (Cartwheel offers and Weekly Ad coupons) with the five percent discount provided by REDcard.

According to a TechCrunch report, the Target REDcard  is both a debit card that links to customers’ bank accounts and a store credit card.”

The card’s five-percent discount is meant to encourage its regular use.

Target, meanwhile, said guests will be able to store and redeem Target GiftCards with Wallet but did not say when.

Target chief information and digital officer Mike McNamara said: “Guests are going to love the convenience of having payment, Cartwheel offers, Weekly Ad coupons and GiftCards all in one place with Wallet.”

What’s Next?

By coming out with Wallet, Target now joins other retailers like Walmart and Kohl’s that also have a payment system.

The introduction of Wallet is timely as the company will open its small-concept store in Fort Worth-Dallas area.

(Read: Target to Open Its First Small-Concept Store in Dallas-Fort Worth)

What can you say about the mobile payment service now offered by Target? Share your thoughts below.

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