7 of Wal-Mart's Moves in Mobile and Prepaid Payments
Published September 29, 2014 8:46 AM
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Updated June 1, 2021 1:19 PM
1 Min Read
Wal-Mart is both a powerhouse in retail and a pioneer in financial services. The company has championed numerous initiatives in prepaid and mobile payments, and it has also been quick to push back on technologies it does not like. (Image: Bloomberg News)
Wal-Mart is the exclusive distributor Green Dot's GoBank mobile checking account in its stores. The companies are trying to reach consumers who want more than a prepaid account but would still consider Wal-Mart as an alternative to a bank.
Wal-Mart also helped Green Dot test "Reload @ the Register," a technology that allows prepaid card users to add funds to their accounts without buying a separate reload card. Green Dot is phasing out its reload cards, which were being misused as a tool for fraudsters. (Image: Shutterstock)
Wal-Mart developed the Bluebird prepaid card with American Express, built on Amex's Serve digital wallet platform. The card's low fees make it a strong contender against other prepaid marketers and traditional banks.
Wal-Mart is one of the most active backers of the Merchant Customer Exchange, a consortium of retailers developing a mobile wallet called CurrentC. (Image: Shutterstock)
Wal-Mart has pushed back against other emerging wallets. The retailer has stated it will not upgrade its terminals for Apple Pay or for PayPal's cardless digital wallet. (Image: Bloomberg News)
Despite Wal-Mart's stance against upgrading for certain mobile wallets, the company is a longtime advocate of EMV-chip technology at the point of sale.(Image: Shutterstock)
The "Walmart-2-Walmart" service, launched this year with Ria Money Transfer, lets U.S. shoppers send domestic transfers to one another for a fee. The service targets unbanked consumers, but is more limited than services from MoneyGram, which also operates in Wal-Mart stores. (Image: Bloomberg News)
