7-Eleven’s New Digital Wallet Proves Convenience is King

Need to Know 

• 7-Eleven has launched its own mobile wallet, providing customers with a new, contactless way to pay.
• The 7-Eleven Wallet can be loaded with funds using debit, credit, and even cash, allowing cash customers to make digital payments too.
• The convenience store franchise has launched a number of digital initiatives this year that allow for convenient, touchless payment.

Analysis 

7-Eleven has launched its own mobile wallet, offering customers a new and contactless way to pay. Customers can load the 7-Eleven Wallet with funds using debit, credit, gift cards, Apple Pay, Google Pay, and even cash. 

The 7-Eleven Wallet allows customers who prefer cash to also use touchless mobile payment options. While other payment methods are loaded using the app, cash can be loaded in-store. 

“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 and 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.”

Wallet members can also earn points and redeem rewards for free merchandise. The new offering plays deeply into the chain’s 7Rewards program, which is 7-Eleven’s widely-promoted loyalty program.

The use of mobile wallets and digital payments has grown tremendously in recent years, but even more so since the pandemic has increased the need for contactless payments. In a recent survey, 57% of customers said that a store’s payment options would affect their willingness to shop there.

It’s expected that the use of mobile wallets, an industry that is worth almost $1.47 trillion, will have surged by 50% by the end of 2020. 

7-Eleven has launched a number of digital initiatives this year that allow for contactless payments.

Earlier in 2020, 7-Eleven expanded its Fuel Loyalty program, updating it to allow for touchless payment, and piloted a cashierless store concept that allows customers to pay upon leaving, using only the app.  

In a first-of-its-kind endeavor, the popular convenience store chain opened a pop-up shop inside a children’s hospital in Texas at the start of the pandemic that allows hospital employees to pay for snacks, drinks, and other items using only their employee badges.