PayPal and Walmart Join Forces To Offer Cash In-Store12th October 2018
Customers visiting participating U.S. Walmart stores will soon be able to withdraw and deposit cash directly from their PayPal accounts. In the first team up of its kind, customers will now be able to directly access their cash in a retail location. The transaction will cost $3 and will be available for deposits immediately, and for withdrawals in early November.
In a press release, Daniel Eckert, Walmart senior vice president of Walmart Services & Digital Acceleration explained, “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.”
This move highlights the continual shake up of the payments market, as traditional ecommerce platforms look for ways to enter the cash space. Consumers now have more ways to pay and access their money, and retailers and suppliers are rushing to offer new and exciting ways for consumer spending. Walmart is often a “first-mover”, and we will keep you updated as potentially more merchants follow suit and provide similar offerings.