Walmart announced Thursday (Oct. 11) a new partnership with PayPal to offer cash-in and cash-out money services at its stores across the U.S.
The fee for the service is $3. The retail giant said this is the first time PayPal mobile app users will be able to take cash out of their PayPal accounts while shopping at a Walmart store. PayPal customers can also add money to their accounts at Walmart stores.
“Today’s news is the first time our two companies are working together to build products for our shared customers,” said PayPal President and CEO Dan Schulman. “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.”
Walmart continues to look for ways to expand its money services at its stores, in part because it is seen as a traffic driver. PayPal has more than 244 million active account holders around the world, many of which may also be among the 265 million consumers who shop Walmart stores each week.
Daniel Eckert, senior vice president of Walmart services & digital acceleration, said Walmart remains committed to expanding access to financial services products that are convenient, easy to use at everyday low prices.
“With 90% 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,” he said.
Additionally, PayPal Cash Mastercard customers can now access their cash balance using Walmart Service Desks, ATMs and cash registers for the same fee, the retailer said.
Walmart said the PayPal cash-in service is available immediately all U.S. Walmart locations and the cash-out service will be available at all locations by early November.