News broke this afternoon that Woolworths Group Ltd (ASX: WOW) has launched its payment solution, Wpay. While the Woolworths share price hasn't visibly reacted to the news yet, it's having a good day on the ASX.
At the time of writing, the Woolworths share price is up 1.25%, with shares in the company swapping hands for $42.28.
Let's take a closer look at the retail giant's new payment solution.
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Wpay payment solution
Wpay claims it brings together the retail experience of the supermarket giant and its global partnerships to meet the needs of both merchants and customers.
Woolworths is already the largest non-bank receiver of card payments in Australia. It processes more than 1 billion transactions each year – equalling $50 billion worth.
Wpay states it offers both in-store and online payments, including split payments. It also includes fraud management and other security features.
Further, Wpay provides merchants with rich analytic insights and allows them to offer scalable gift card management and custom rewards programs.
According to Wpay's website, Woolworths' customers using the Wpay app can select and pay for their groceries as they shop, with no need to go through a check out when they've finished.
Currently, Woolworths' supermarkets and Big W, as well as former Woolworths brand EG Group, are using Wpay.
According to The Australian, Wpay will become the payment provider for Endeavour Group's brands BWS and Dan Murphy's, following the demerger of Endeavour Group from Woolworths. The demerger is currently in its final stages.
The Australian also reported former National Australia Bank Ltd. (ASX: NAB) executive and Woolworths' financial services leader, Paul Monnington, is to be Wpay's managing director.
Woolworths share price snapshot
The Woolworths share price has been performing well on the ASX lately.
Currently, the Woolworths share price has gained 5.75% since the start of 2021. It's also 17.24% higher than it was this time last year.
The retail giant has a market capitalisation of around $52 billion, with approximately 1.2 billion shares outstanding.
