PayPal looks to revolutionise personal finances in America with the help of Walmart
News broke at the end of last week that Ecommerce payments giant PayPal and brick-and-mortar retail king Walmart were joining forces. A new partnership between the two companies will see PayPal customers be able to withdraw money from their accounts at Walmart’s stores – the first time PayPal customers have ever been able to draw money out at a physical location. The partnership begins next month, and it could revolutionise finance for the 7% of Americans who remain “unbanked”.
PayPal’s share price has risen by 7% year to date
SOURCE: Yahoo Finance
An “unbanked” person is someone who has no bank account – it makes personal finances incredibly difficult, and having access to a PayPal account could prove revolutionary for the roughly 9 million people in America to whom it applies.
In a press release, PayPal’s president and CEO, Dan Schulman, said: “Today’s news is the first time our two companies are working together to build products for our shared customers. We consider this a key collaboration for both PayPal and Walmart. We are committed to working together to make it simple and easy for people to use PayPal cash in and cash out money services at every Walmart location in the U.S. We look forward to working hand-in-hand to help people and families with their financial services needs.”
Walmart’s senior vice president of Walmart services and digital acceleration, Daniel Eckert, added: “Walmart is committed to expanding access to financial services products that are convenient, easy to use and available for everyday low prices. 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.”
Dominion holds PayPal in its Global Trends Ecommerce Fund.
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