Walmart and PayPal join forces for cash transactions
PayPal users will be able to withdraw and deposit cash into their PayPal account at any Walmart store. In addition, PayPal Cash Mastercard customers can access their cash balance using Walmart service desks, ATMs, and cash registers.
This is the first time PayPal users are able to transact in cash, but each cash transaction is priced at a flat, $3 service fee.
The parties have not disclosed how that fee is divided between Walmart and PayPal.
“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 US,” says Dan Schulman, president and CEO of PayPal.
Walmart offers a variety of debit and credit card options, as well as services such as money transfers, remittances, check cashing, tax preparation, and billpay.
PayPal’s mobile app offers many of the same features as a traditional banking app, including PFM and money management tools, peer-to-peer money transfer options, and investment opportunities via its partnership with Acorns.
Qualifying borrowers also have access to a line of credit. The partnership with Walmart is likely a move to stave off the threat from Amazon, which has been building up a portfolio of alternative banking options via partnerships with traditional US banks.
Starting today (12 October 2018), PayPal users are able to deposit cash at Walmart. The cash out feature will be available at all US Walmart locations next month.