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Walmart is the first major retailer to allow customers who don't have a bank account, credit, debit or prepaid card to pay cash for online orders.
Customers can now shop online at Walmart.com and pay cash at all Walmart stores nationwide.
Here's how the Pay with Cash program works:
Online • Customers go to Walmart.com from any Internet-connected device to select an item and place an order.
During checkout, shoppers select the "cash" option and their shipping preference. They immediately receive an order number on the confirmation page and an email receipt. The item is reserved in the system.
Visit a store • Shoppers have 48 hours to take the printed order form to a checkout lane at any Walmart store or Neighborhood Market. Once the cash payment is completed, the customer's order is shipped to the store or to a preferred address.
"Many of our customers shop paycheck to paycheck and are looking for more ways to purchase items online but don't have ... a credit, debit or prepaid card," said Joel Anderson, president and CEO of Walmart.com. "Our new [program] is designed just for them."
The majority of transactions at Walmart stores are paid for in cash or cash equivalent, such as debit cards. About 15 percent of transactions are paid with credit cards. The giant retailer did a survey showing that more than two-thirds of those identified as "underbanked" were likely to use cash as a form of online payment if the option were available.
One in four U.S. households fall into the unbanked and underbanked categories, where they don't have a bank account or credit card or have limited banking options, and often rely on cash as a form of payment for purchases, according to the Federal Deposit Insurance Corp.
For more information, visit http://www.walmart.com/paywithcash.