Walmart keeps expanding its presence in the red-hot financial technology space.
The discount giant, which partnered with financial technology provider Green Dot to launch a fintech accelerator in 2019, is now offering its Walmart MoneyCard issued by Green Dot Bank as a demand deposit account. New and existing Walmart MoneyCard account holders may now access Green Dot Bank’s digital banking platform, similar to a traditional banking account.
MoneyCard holders will be able to manage their financial activities related to their MoneyCard account either digitally, at any Walmart store, or at any of Green Dot’s 90,000-plus retail distribution locations nationwide. The new Walmart MoneyCard is designed to help customers more seamlessly access, manage and move their money, through a suite of digital tools that will evolve and expand over time.
Walmart also recently announced that starting in August 2021, users of the PayNearMe mobile payments app will be able to complete bill payment transactions using cash at participating Walmart locations. The discounter is jointly offering this service in collaboration with Green Dot.
Enhanced features cardholders will receive immediately from Green Dot Bank include the ability to waive their monthly maintenance fee with a qualifying direct deposit of $500, half the amount required previously. In addition, cardholders who receive an eligible direct deposit now have up to $200 in overdraft protection. The Walmart MoneyCard is available in stores or online.
“We are excited to work with Green Dot to provide a more convenient and innovative way for customers to manage their finances with the new Walmart MoneyCard, which offers cash back, overdraft protection, direct deposit, interest on savings and more” said Julia Unger, VP of financial services at Walmart. “We are committed to offering our customers valuable services to help them manage their financial needs.”