OPERATIONS

Walmart puts a new spin on mobile payments

BY Deena M. Amato-McCoy

A discount giant’s newest partnership is giving customers a new way to use their PayPal mobile wallet.

Walmart announced on Thursday that a new collaboration with PayPal enables customers to load cash or withdraw funds from their PayPal mobile app while shopping in its stores. The service has a $3 fee per transaction.

The partnership marks the first time that PayPal mobile app users will be able to take cash out of their account, and load cash into their PayPal mobile wallet in a brick-and-mortar environment. Similar to PayPal mobile app users, PayPal Cash Mastercard customers are also able access their cash balance using Walmart Service Desks, ATMs and cash registers for the same fee.

PayPal deposits are already accepted at all United States-based Walmart stores. The cash-out service will be available by early November, according to the retailer.

“Walmart is committed to expanding access to financial services products that are convenient, easy to use and available for everyday low prices,” said Daniel Eckert, senior VP, Walmart services and digital acceleration. “With 90% of Americans living within 10 miles of a Walmart store, we know that offering PayPal cash in and cash out money services for an exclusive low fee is going to provide great value to the many people who rely on Walmart and PayPal to help manage and move their money.”

Both companies expect the partnership to “make it simple and easy for people to use PayPal cash in and cash out money services…,” said Dan Schulman, president and CEO, PayPal. “We look forward to working hand-in-hand to help people and families with their financial services needs.”

The news comes on the heels of another new financial collaboration for Walmart. The discounter announced in July that it has entered into a long-term agreement with Capital One. Starting Aug. 1, 2019, the company will be the exclusive issuer of Walmart’s private label and co-branded credit card program in the United States. The move ends a nearly 20-year partnership with Walmart’s existing issuer, Synchrony Financial.

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