Walmart Expands Financial Services Options With Vanilla Direct
Walmart will allow customers to pay their bills or fund prepaid cash accounts at its stores nationwide.
The rebates giant is working with InComm Payments to make the payment technology provider’s Vanilla Direct financial network available nationwide in more than 4,700 stores. Customers will have access to over 15,000 billers and account providers participating in the Vanilla Direct network. Financial service providers come from a variety of industries, such as utilities, telecommunications, tolls, banks, rental companies, and insurance providers.
Consumers can pay their bills and fund various types of Walmart customer service or in-store Walmart Money Center accounts by scanning a barcode linked to their account (either via hard copy or digitally on their mobile device) and performing their payment in cash. The funds are then transferred electronically via a single consolidated settlement.
Walmart increased its presence in the financial services industry in 2021. Earlier this year, Walmart launched a A fintech start-up designed to develop and deliver “modern, innovative and affordable financial solutions” in collaboration with Ribbit Capital, one of the venture capital firms behind Robinhood.
In August, the retailer teamed up with the payment platform and fintech company PayNearMe to enable customers to make cash bill payments to utility companies and other billers at select Walmart stores. Users of the PayNearMe mobile payment app can show a currency or customer service associate at the store a code to scan on their smartphone, pay in cash, and get a receipt confirming payment is made. The funds will then be transferred electronically to the biller via a single consolidated settlement. To provide this joint service with Walmart, PayByMe is extending its existing partnership with financial technology provider Green Dot.
Meanwhile, InComm Payments has also partnered with pharmacy giant Walgreens to expand the retailer’s range of financial services. InComm Payments is involved in the financial offerings of Walgreens including Scarlet, a bank account and debit card issued by MetaBank and available exclusively at Walgreens; as well as a relaunch of the Walgreens gift card program.
“We know our customers are busy. We’re excited to bring a new service to life that helps make the monthly chore of paying bills faster and easier at Walmart, ”said Julia Unger, vice president of financial services at Walmart. “We continue to be committed to providing our clients with valuable and efficient services to help them manage their finances. “
“This solution is another important milestone in our long-standing relationship with Walmart and in our quest to provide their customers with leading-edge products and services,” said Stefan Happ, president of InComm Payments. “VanillaDirect is a great addition to Walmart’s payment options that provides their cash-centric customer with a new, convenient and easy-to-use method to pay the bills and fund the accounts that support their daily lives.
This feature is now available in all Walmart stores in the United States. Walmart operates approximately 10,500 stores and clubs under 48 banners in 24 countries and e-commerce sites.