Walmart To Introduce Amazon Prime Rival Service: Here’s Everything Known About The Subscription Service

Walmart (WMT) may soon have its own subscription base of customers as it looks to compete against Amazon’s (AMZN) Prime membership. The retail giant is reportedly working on a new membership program for its customers called Walmart+ that will offer an array of perks that aren’t offered by Amazon Prime.

The paid membership model from Walmart is expected to build on its grocery subscription service and offer text message ordering, Recode reported. The subscription service is also thought to rival Amazon Prime by offering prescription discounts, fuel savings at gas stations, and a scan-and-go system to make shopping in-store more convenient, the news outlet said.

The company has reportedly been in the works with the program for the last 18 months and will begin publicly testing the service as soon as March.

The membership fee for Walmart+ has not been released nor has the exact services that it is expected to offer been confirmed. Walmart currently charges $98 for its same-day unlimited grocery delivery service.

Amazon Prime is offered to customers for $119 a year, including one-day shipping on more than 10 million products and access to Prime Video’s collection of TV shows and movies. Amazon has more than 150 million Prime members, globally, CNBC reported.

Shares of Walmart stock were down 3.66% as of 2:17 p.m. EST on Friday while shares of Amazon stock were down 2.59% at the same time.