Apple, Android, and Google have their own pay services, where people can make payments directly from their devices. Recently, Wal-Mart joined the bandwagon when it released Walmart Pay. Target is now joining the game, planning to release its own payment service, Target Pay, later this year. Although Target has not decided if the service will be part of the Cartwheel Coupon App, the main Target app, or perhaps a feature of both apps, mobile payments are definitely coming to Target.
This means that customers can leave their credit cards at home. If the feature is anything like Walmart Pay, Target customers will scan a QR code with their phone to initiate payment processing. Target Pay will only be available to REDcard customers. At least, at first. This differs from retailers like Walmart and Kohl’s, which offered an option for mobile payments to all of their customers from the start. Target does say that it will allow customers to use and earn rewards as well as process payments. This is very similar to what their retail competitors are already doing.
The announcement comes after Target saw a drop in its in-store sales and a rise in its online sales over the holiday season. Overall sales have been flat year after year, which was also hurt further by sales in electronics and entertainment, which have declined. However, online transactions have increased by 30%. It is hoped that by extending a mobile payment option, Target can increase its sales. Significant growth in both numbers could easily put Target at an all-time high.
While options like Apple Pay will continue to be allowed online, users will find that they cannot use those payment services in-store. The only in-store mobile payment service that Target will accept will be its own. However, users will be able to use Target Pay online. For Target, mobile payments could mean new opportunities, and it remains to be seen how their service will stack up against their competitors.
Recent Updates – Target Pay And Target Wallet
In a recent update shared on their company blog, Target announced the integration of a Wallet feature in their app, revolutionizing the checkout process for shoppers. With Wallet, customer can easily pay with their Target REDcard and access savings through Cartwheel with just one scan of their smartphones at checkout. The initiative aims to expedite the payment process while consolidating digital discounts, Cartwheel offers, weekly ad coupons, and the 5 percent discount for REDcard holders into a single, convenient location. Target also revealed plans to enhance Wallet’s functionality by enabling the storage and use of Target gift cards.
Mike McNamara, Target’s Chief Information and Digital Officer, emphasized that Wallet in the Target app is designed to streamline the checkout experience significantly. He highlighted the added convenience for customers of having a unified platform for handling payments, discounts, coupons, and gift cards.
This development is part of Target’s broader strategy to amplify its presence in the eCommerce arena, a move that could potentially escalate its market value by 20 to 30 percent in the next two years, as per analyses by Barron’s magazine. Target’s proactive strategies to outperform Amazon have led to a noticeable increase in online sales, with eCommerce accounting for 4.4 percent of their total sales in the most recent fiscal year—a jump from 2.8 percent in fiscal 2016, outpacing growth at Walmart.
Furthermore, Target’s launch of exclusive in-house brands, like the children’s apparel line Cat & Jack, contributes to its upward trajectory. The retailer plans to introduce 12 unique brands by the end of 2018, with eight slated for release during the 2017 holiday season, spanning various categories from baby and children’s items to men’s and women’s apparel and home goods.
Benefits of Using Target Wallet
Target’s Wallet revolutionizes the checkout experience, offering shoppers benefits for smoother, safer transactions. This mobile payment option streamlines purchases by allowing a single barcode scan from your phone, directly integrating discounts and loyalty rewards into the payment process. With advanced security measures, including encryption and biometric authentication, Wallet ensures your payment details are safe. Additionally, its support for contactless payments and real-time updates enhances convenience and customer peace of mind.
How to Set Up and Use Target Wallet
Setting up and using Target’s Wallet for seamless payments is simple and quick. Follow these steps to get started easily:
1. Download the Target app: If you don’t already have it, download the Target app on your mobile device. It is available for both iOS and Android versions.
2. Create or sign in to your Target account: To use Wallet, you’ll need a Target account. If you don’t have one, create a new account by providing the required details. If you already have an account, sign in.
3. Navigate to the Wallet feature: Once you’re signed in, locate the Wallet feature within the Target app. It is usually found in the main menu or navigation bar.
4. Add your payment methods: In the Wallet section, you can add various payment methods, such as credit cards, debit cards, and even Target gift cards. Enter the necessary information for each payment method you wish to use.
5. Set a preferred payment method: If multiple payment methods are added, you can choose one. This will be automatically selected when making a purchase using “Wallet.”
6. Verify your identity: Target may require you to verify your identity for security purposes. You can do this by providing additional information or following a verification process.
7. Start using Wallet for payments: Once you’ve completed the setup process, you can start using Wallet to make payments in-store. At the checkout, open the Target app, navigate to the Wallet feature, and scan the barcode presented by the cashier.
Security Features of Target Wallet
With Target’s Wallet, you can enjoy the convenience of making contactless payments using your mobile device. It’s a secure and hassle-free way to complete your shopping transactions at Target.
Target prioritizes your security with Wallet by incorporating encryption, tokenization, biometric and multi-factor authentication, and continuous fraud monitoring. These robust security features safeguard your information, providing a trustworthy and stress-free shopping experience.
Compared to other mobile payment options like Apple Pay, Walmart Pay, CVS Pay, and Kohl’s Pay, Target’s Wallet stands out for its accessibility across all Target stores, comprehensive security features, and seamless integration of loyalty and discount programs. Unlike these competitors, Wallet is designed to enhance Target’s shopping experience, making it a uniquely convenient choice for Target customers.
