On Thursday, PayPal announced it has formed a new partnership retailer giant Walmart to begin rolling out PayPal cash in and cash out money services at Walmart for an exclusive fee of $3 per service.
According to PayPal, this is the first time PayPal mobile app users will be able to take cash out of their PayPal account in a brick-and-mortar environment, in addition to being able to load cash into their PayPal balance at Walmart stores. The payment service also noted that like PayPal mobile app users, PayPal Cash Mastercard customers can now access their cash balance using Walmart Service Desks, ATMs and cash registers for the same low, transparent fee.
Speaking about the partnership, Dan Schulman, President and CEO, PayPal, stated:
“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.”
Daniel Eckert, Senior Vice President, Walmart Services and Digital Acceleration, Walmart, 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.”