Walmart said it would give $175 in credit for a Samsung Galaxy SIII. Starting Sept. 21, when the new policy takes affect, it will pay $52 for a used Samsung Galaxy S2, The Wall Street Journal reported Tuesday.
Clearly, companies have concluded there is a profit to be made from used smartphones. In August, Apple Inc announced it would offer up to $280 for used iPhones.
"More and more, customers are choosing where they purchase new smartphones based on where they'll get the best value for their trade-ins," said Walmart executive vice president of general merchandise Steve Bratspies.
Walmart noted that the trade-ins, which are often shipped to emerging markets, can be viewed as an environmental gesture, as it would prevent many phones from ending up in the local dump.
The new market has also created a refurbishing smartphones industry. One company, Gazelle, is paying up to $350 for an iPhone in mint condition, the Journal said.