[CEO of Walmart U.S.:] “For years, millions of customers have put their trust in Walmart to not only save them money when they shop with us but help them manage their financial needs… And they’ve made it clear they want more from us in the financial services arena.”
The big-box retailer did not share the name of the new company or say when its services will be available. It said it will develop unique and affordable financial products for Walmart employees and customers.
Walmart already offers some financial services for customers. For example, it has Walmart MoneyCard, a prepaid debit card that customers can load with money and use for purchases. The card has some features that encourage money management or help people who may have a challenged credit history, such as no overdraft or monthly fees and no minimum balance requirement.
The retailer also offers alternative payment plans for customers on a tight budget, such as layaway and Affirm, a fintech company that allows customers to buy an online item immediately and pay in installments.