Three major ASX-listed retailers are banking on customer uptake of digital wallets to increase sales and provide customer efficiency, according to a report in The Australian Financial Review.
According to the article, Woolworths Group Ltd (ASX: WOW) and Coles supermarket led Wesfarmers Ltd (ASX: WES) are embracing digital payments, with Woolworths reaching agreement with Apple last year to store customer loyalty details on Apple's digital wallet app, and now extending the service to Google Pay.
Myer Holdings Ltd (ASX: MYR) issued a store-branded Visa credit card offering Apply and Android Pay last October, and Wesfarmers has signed a deal with Rambus Inc to improve its digital payments processing technology for Coles supermarkets.
Grocery retailers are less likely to feel the impact of discretionary spending slumps like department store operators such as Myer, but consumer spending habits can impact sales volumes for all in the space.
One retailer who seems to weather the ups and downs well is Premier Investments Limited (ASX: PMV), with its shares up 28% in the last 12 months from $13.36 at this time last year to $17.21 at the time of writing, despite significant volatility in consumer spending in that time.
