7-Eleven Introduces In-App Wallet to Enable Contactless Payment Option
The coronavirus pandemic has transformed the way people shop and conduct their purchases. Customers have opted for digital contactless payments given the lockdowns and social distancing norms set in place. As per a study by the payment firm FIS, around 45 percent of banking partners have changed the way of interacting with financial institutions. While 31 percent of participants prefer mobile and contactless payment methods instead of cash due to the COVID-19 pandemic.
As such, 7-Eleven has become one of the latest companies to make way for contactless, digital payments. On Wednesday, the convenience stores company introduced a new app-based mobile wallet — 7-Eleven wallet. It offers all customers — including those who would like to load cash — a true contactless, convenient way to pay nationally at participating U.S. stores. With a wallet in-built within the app itself, customers can load funds to use upon checkout using cash, debit, and credit cards, Apple Pay, Google Pay, and prepaid 7‑Eleven gift cards. Cash must be loaded in-store at the register, while other payment methods can be loaded in the app. In addition, customers would also not be charged any loading or transaction fees and incur no interest fees like credit card charges.
“7‑Eleven Wallet meets the needs of customers looking for convenient, contactless ways to shop and pay during this unprecedented global pandemic,” said 7‑Eleven President & CEO, Joe DePinto. “Cash customers want to participate in the growing digital payment ecosystem. 7‑Eleven Wallet gives them access to touchless payment along with deep value loyalty offers.”
With 7-Eleven wallet being an easy, digital, and contactless payment way, members can earn and shop with points, get exclusive offers, redeem rewards for free merchandise and pay in one easy step, simply by scanning the barcode in the app. The members can also gain up to 2000 points when they deposit $20 into the wallet for the first time until Jan. 5, 2021. With the rewards, members can save on their purchases at checkout.
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“We are an engine of innovation, constantly pivoting and changing to offer first-of-its-kind and best-in-class solutions as customers’ needs evolve,” said 7‑Eleven Sr. Director of Product Management Sajjad Khan. “7‑Eleven approaches every new idea-focused solely on how it makes our customers’ days easier. We want the 7Rewards loyalty program to offer customers extreme value for every dollar spent at their local 7‑Eleven store as well as innovative capabilities that enable a fast, frictionless shopping experience.”
The firm has been seen as a strong advocate for digital solutions during the pandemic. Earlier in October, the firm enabled deliveries via Uber Eats, Grubhub, and Instacart; June with Vroom Delivery; and in May with Postmates, DoorDash, and Favor Delivery. The firm has joined the race of digital payments accompanied by Tractor Supply, Walmart, and Visa.
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