Retail giant Walmart and global payments company PayPal are joining forces to offer financial services and products that help their shared customers.
Image: PayPal headquarters in San Jose, California. Photo: courtesy of Sagar Savla/Wikipedia.org.
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.
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.
PayPal president and CEO Dan Schulman said: “Today’s news is the first time our two companies are working together to build products for our shared customers.
“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-and-hand to help people and families with their financial services needs.”
Walmart Walmart Services & Digital Acceleration senior vice president Daniel Eckert said: “Walmart is committed to expanding access to financial services products that are convenient, easy to use and available for everyday low prices.
“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 Walmart U.S. locations by early November.
Source: Company Press Release