Walmart and PayPal announced this morning (Oct 11, 2018) a partnership that would see both collaborating on financial services and products, including new cash-in and cash services at Walmart stores, as well as the ability of PayPal Cash MasterCard customers to access their cash balances stored on the service desk, ATM, and cash register.
PayPal‘s cash in and cash out services will cost customers a $3 service fee, the company said, as well as the ability to withdraw cash from MasterCard while in the store. The companies refused to say how the costs were distributed.
Customers can also load cash into their PayPal balance while at Walmart, but this is not a new service starting today, we were told.
The deal marks the first time that PayPal mobile application users will be able to take cash from their PayPal balance while in a brick-and-mortar environment, although PayPal a few years ago has partnered with retailers such as Home Depot for integration on the list.
In the years that followed, PayPal’s brick-and-mortar ambitions had eased, because Apple Pay and other knock-to-pay solutions developed into a more popular way to pay via mobile devices when paying.
In the past few months, PayPal has chosen to establish closer relations with previous payment competitors, including through tightening integration with iOS Apple, Samsung Pay, Android Pay, and other key stakeholders such as Visa and MasterCard.
Walmart’s partnership can be seen through the same lens, because Walmart has also supported its own cellular payment platform, Current C, along with Target, CVS, Best Buy, and many other major retailers. This ignored these efforts a few years ago and today, only offering Walmart Pay, its own pay-to-pay payment service that is connected to credit, debit and gift cards that customers store.
With the PayPal agreement, Walmart customers cannot “check” with PayPal, but they can enter the store, and get money from PayPal – which can then be used to make purchases.
“Today’s news is the first time our two companies are working together to build products for our customers,” said Dan Schulman, President and CEO, PayPal, in a statement. “We consider this a key collaboration for PayPal and Walmart. We are committed to working together to make it simple and easy for people to use PayPal cash and cash services at every Walmart location in the US. We hope to work side by side to help people and families with their financial services needs, “he added.
PayPal cash is available immediately at Walmart, while PayPal cash will be available in all US stores in early November.
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