Wal-Mart Canada Corp.'s debut banking product, a credit card, is the first product from the retailer's recently approved bank, a venture that promises to inject more competition into Canada's financial services industry, according to Dow Jones.
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The Wal-Mart Stores Inc. unit, which announced the Walmart Rewards MasterCard on Tuesday, applied for a banking license in September 2008 but did not receive final approval until a couple of weeks ago. Many of its competitors, such as Loblaw Cos. and Canadian Tire Corp., have operated banks for years.
Opposition caused Wal-Mart to put banking plans on hold in the U.S. in 2007, but it has operated a bank in Mexico since 2008.
