Walmart has expanded their money transfer service to over 200 countries and all their U.S. locations; the expansion is through a partnership with Moneygram; Walmart’s move comes after recent news of Amazon expanding their financial services options for customers; “Money transfer services are like bread at the restaurant for Walmart; it’s negligible revenue for them,” said Daniel Ives, chief strategy officer at GBH Insights tells TearSheet. “The broader strategy is to build up that product arsenal on the consumer side — every Walmart customer globally is an Amazon customer that could be taken away.” Source.
Walmart Mexico announced the acquisition of payments startup Trafalgar to strengthen its digital wallet initiative.
Walmart partnered with Even and PayActiv to provide a set of products for their more than 1.4 million employees; employees will be able to access earned weaves ahead of schedule using an Instapay feature; “We’re investing to give our people financial tools that help provide more stability in their lives, which we believe will empower them to be all they can be when they are at work serving our customers,” explained Jacqui Canney, Walmart’s Chief People Officer; Walmart is covering the cost of Even’s tool and it will allow for employees to access Instapay eight times a year for free. Source.
Fintech Nexus discussed Walmart's fintech strategy in Mexico with Marcelino Herrera, Chief Financial Services Officer at the retailer.
The largest retailer in the U.S. has partnered with fintech Affirm to offer customers point of sale loans at 4,000...
Through Walmart2Walmart, customers can send money from any U.S. Walmart to any Walmart store in Mexico for as little as $2.50 per transaction.
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