Wal-Mart Pay threatens to surpass Apple in U.S. mobile payments

Wal-Mart Stores's app is close to passing Apple Pay in terms of use for mobile payments in the United States, giving the world's largest retailer even more clout as a growing number of people shop with their smartphones.

Available in 4,774 stores, Wal-Mart Pay is enrolling tens of thousands of new users a day, up from thousands four or five months ago, said Daniel Eckert, who runs the business.

Two-thirds of the customers who try it also use it a second time within 21 days, he said, giving him confidence Wal-Mart Pay will surpass Apple Pay in the nation in terms of use by shoppers in stores where they're accepted.

'If daily enrollments don't slow down, I think that's pretty well in the cards shortly,” said Eckert, senior vice president for services and digital acceleration. 'I would have to imagine we are getting pretty close.”

Richard Crone, CEO of researcher Crone Consulting, estimated Wal-Mart will pass Apple Pay in active U.S. users - those making at least two transactions a month - by the end of 2018.

Wal-Mart is the biggest retailer rejecting Apple Pay. Since it rolled out in 2014, Apple has been able to dictate its terms to retailers and banks eager to adopt it.

Best Buy and Walgreens are among the retailers that accept it.

Wal-Mart Pay was unveiled in December 2015, more than a year after Apple's service debuted.