Walmart is to process payments on Chase's ChaseNet closed-loop network at more than 5,000 Walmart and Sam’s Club outlets in the US, as well as Sam’s Club e-commerce segment.
Already processing payments for Walmart’s e-commerce channel, ChaseNet will offer fixed-rate pricing for Chase Visa credit and debit payments.
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Walmart senior vice-president and assistant treasurer Mike Cook said: “Engaging Chase with a direct processing relationship has been a priority for Walmart for some time.
“Walmart is always looking for innovative ways to improve the payment experience for our customers while also creating competition in the payments industry.”
Chase commerce solutions CEO Matt Kane said: “We are pleased to expand our relationship to offer consumers a convenient, secure payment experience.”
Walmart operates more than 11,000 stores under 63 banners in 28 countries and e-commerce websites in 11 countries.
Reporting annual revenues of $482bn during the 2016 fiscal year, the company employs more than 2.3 million associates worldwide.
Chase is the US-based consumer and commercial banking business of JPMorgan Chase & Co, a global financial services firm.
