Walmart has announced that it is launching a new membership service similar to that of Amazon Prime.

The new service will be called Walmart+ and will cost $98 a year or $12.95 a month. It will give members same-day delivery on 160,000 items, a fuel discount at certain gas stations and a chance to check out at Walmart stores without having to wait at the register.

Walmart does have a long way to go to catch up with Amazon Prime though. Launched in 2005, Prime has more than 150 million members worldwide who dole out $119 a year (or $12.99 a month) for faster shipping and other perks, including discounts at Amazon's Whole Foods supermarkets and access to its video streaming site.

Janey Whiteside, Walmart's chief customer officer, said the company wasn't launching Walmart+ to necessarily compete with other shopping memberships.

"We're launching it to meet the needs of our customers," she said. "And it really was designed to make their busy lives easier."

Walmart customers have been shopping the store online more these days, especially during the pandemic, when more people ordered groceries online and picked them up at a store.

Now, there is a bit of a catch for Walmart+ members to get free shipping. They'll have to spend at least $35 online to qualify. But customers could get their delivery as quick as the same day for groceries, toys and household items, such as toilet paper and soap.

Members will also get a discount of up to 5 cents per gallon at Murphy gas stations or at the 2,000 Walmart locations that have gas pumps.

The company said Walmart+ will launch September 15.

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