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Walmart is reportedly preparing to take on Amazon Prime

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Walmart is developing a fast home delivery service that it hopes can rival Amazon Prime, The Information reports. Codenamed "Tahoe," the service will serve to grow the retail company's e-commerce business, and is said to be launching this summer.

According to the report, "Tahoe" was initially slated to launch last winter, but was delayed due to unspecified technical issues. The new service will be subscription-based but cheaper than Prime, which carries a $99 yearly fee. That's likely because Walmart doesn't plan on offering streaming video.

Cheaper than the competition

The move sounds like a natural extension of the "Walmart To Go" same-day delivery service the company launched in five US regions in 2012, and it already plans on opening new distribution centers for shipping purposes. That could give it a slight leg up on Amazon's own Prime Now one-hour delivery service, which recently rolled out in New York City, Miami, and Baltimore.