Target launches in-app mobile payments system

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The app works similar to other in-store payment platforms such as Walmart Pay, though Target Wallet is barcode-based, versus the QR code form used by Walmart.

The dedicated card acts as both a debit card and store credit card, offering 5% cashback on purchases and speedier checkout than a standard chip and Pin card.

According to Target, using the new Wallet feature proved to be up to four times faster than checking out with other payment methods. "Guests are going to love the convenience of having payment, Cartwheel offers, weekly ad coupons and GiftCards all in one place with Wallet". Wallet uses a barcode scanned at check out that includes payment and applicable coupons.

Currently, Wallet is only open to those who have the Target REDcard, but the feature will roll out to non-cardholders soon.

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The retailer said the Wallet feature will eventually support the ability to store and redeem Target GiftCards.

Where Wallet does have a leg-up on Apple Pay is its integration with Cartwheel. Talks about Target launching its own mobile payment have been around since 2015, but the company waited till January 2017 to confirm its plans. However, Walmart allows customers to make payments on Apple and Android devices with nearly all major credit, debit, and pre-paid cards or Walmart gift cards. That is what makes the retailer's announcement of Wallet, its mobile payments system, one that folks might want to pay close attention to.

Forrester predicts that by 2019, mobile payments will account for just 1 percent of all payment transactions. With only a few weeks left in the year, the retailer officially launched Wallet - available in the Target app for iOS and Android.

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