U.S. retail chain, Walmart Inc. has reportedly joined forces with online payment service provider PayPal, Inc. to provide financial products and services that help shared customers. Sources suggest that the two companies will start rolling out PayPal’s cash in, cash out money services at Walmart locations for $3 per service fee.
Reportedly, this will be the first time PayPal mobile app users will have the facility to take cash out of their PayPal account in a brick-and-mortar environment, in addition to being able to load cash into their PayPal balance at Walmart stores.
Additionally, like PayPal mobile app users, PayPal Cash Mastercard customers could also access their cash balance using Walmart ATMs, service desks and cash registers for the same low, transparent fee.
As per Dan Schulman, PayPal’s President and CEO, the company consider this a key collaboration for both Walmart and PayPal. Their firm is committed towards making PayPal cash in and cash out money services simple and easy for people to use at every Walmart location in the U.S. and are looking forward to jointly helping people and families with their financial service needs.
According to CNBC, Daniel Eckert, Senior VP of Walmart’s Services & Digital Acceleration division said that their retail chain is committed towards expanding access to financial services products that are easy to use, convenient and available for everyday low prices.
With 90% of Americans living within 10 miles radius of a Walmart store, the company believes that offering PayPal cash in and cash out money services for an exclusive low fee will provide great value to the many people who rely on PayPal and Walmart to help manage and move finances.
As per sources, PayPal’s cash in service will immediately be available at Walmart locations, while its cash out services will be available at all U.S. Walmart locations by early November.
