Walmart is expanding its financial services portfolio with the official launch of a new partnership with Western Union.
The discount giant, which plans to create a fintech startup offering “modern, innovative and affordable financial solutions” to customers and employees with fintech investment firm Ribbit Capital, is for the first time making Western Union money transfer services available at all 4,700-plus Walmart locations across the U.S.
Initially announced in January 2021, the services will include domestic and international money transfers, bill payments, and money orders. Through Western Union’s global cross-border, cross-currency platform reaching 200 countries and territories worldwide, Walmart customers will have the ability to move money almost anywhere across the world.
Customers will have the option of their money transfers being paid out in minutes across more than 550,000 retail locations or into billions of bank accounts, wallets or cards. Walmart Canada has offered in-store access to Western Union money transfer and bill payment services since 2007.
In addition, retailers including Walgreens, and Kroger offer in-store Western Union financial services. And Amazon enables cash payment for online orders in a number of developing nations using Western Union services.
“We know we have a role to play in customers’ lives that goes beyond being a place where they shop for their weekly groceries,” said Julia Unger, VP of financial services at Walmart. “Being able to send much-needed funds to a loved one, especially after a year like we’ve had, is more important than ever. We’re proud to extend our commitment to providing choice and value by offering Western Union services to our customers.”
“We are excited to be working with the world’s biggest retailer, reaching new customers and expanding choice and convenience for the customers we share,” said Jean Claude Farah, president, global network at Western Union. “As the service goes live, it is also gratifying to be working with another company that shares our mission of expanding the financial options available to the people we both serve.”