With millions of people relying on Walmart as a safe, convenient and affordable place to access a variety of financial products and services, and millions more using PayPal’s digital properties to manage and move their money, Walmart and PayPal are teaming up to provide financial services and products that help their shared customers.
As part of this collaboration, the two companies will begin rolling out PayPal cash in and cash out money services at Walmart for an exclusive fee of $3 per service. „This is the first time PayPal mobile app users will be able to take cash out of their PayPal account in a brick-and-mortar environment, in addition to being able to load cash into their PayPal balance at Walmart stores.”, according to the press release.
Additionally, like PayPal mobile app users, PayPal Cash Mastercard customers can now access their cash balance using Walmart Service Desks, ATMs and cash registers for the same low, transparent fee.
“Today’s news is the first time our two companies are working together to build products for our shared customers,” said Dan Schulman, President and CEO, PayPal. “We consider this a key collaboration for both PayPal and Walmart. We are committed to working together to make it simple and easy for people to use PayPal cash in and cash out money services at every Walmart location in the U.S. We look forward to working hand-in-hand to help people and families with their financial services needs.”
“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 Vice President, Walmart Services & Digital Acceleration, Walmart. “With 90 percent 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.”
PayPal cash in is immediately available at Walmart, and PayPal cash out will be available at all U.S. Walmart locations by early November.
Each week, nearly 265 million customers and members visit more than 11,200 Walmart stores under 55 banners in 27 countries and eCommerce websites. With fiscal year 2018 revenue of $500.3 billion, Walmart employs over 2.2 million associates worldwide.
PayPal platform has 244 million active account holders and is available in more than 200 markets around the world. The PayPal platform, which includes Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
