+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

Walmart and PayPal are joining forces to help some of the most vulnerable Americans manage their money

Oct 12, 2018, 22:12 IST

Reuters

Advertisement
  • PayPal customers will be able to withdraw cash from their account at all Walmart stores across the United States starting in early November.
  • Each withdrawal will cost $3.
  • This is the first time that PayPal customers have been able to withdraw money from their accounts at a brick-and-mortar store. The service could prove invaluable for the 7% of Americans who are "unbanked," meaning that they do not have a bank account.

PayPal is making it possible for customers to take cash out of their account at Walmart stores, revolutionizing the way that some of the most vulnerable Americans manage their money.

The new partnership was announced early Thursday morning and is expected to be rolled out to Walmart stores nationwide by early November.

"Walmart is committed to expanding access to financial services products that are convenient, easy to use and available for everyday low prices," Daniel Eckert, senior vice president of Walmart Services & Digital Acceleration, said in a press release.

"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."

Advertisement

There is one catch, however: each withdrawal costs $3.

This is the first time that PayPal customers have been able to withdraw money at a brick-and-mortar store. Currently, the only ways to extract funds from your PayPal account are to transfer them to your bank account, use a PayPal MasterCard, or have PayPal mail you a check.

The new service could prove invaluable for Americans who do not have a bank account. As of 2015, the "unbanked" accounted for 7% of the population in the United States.

PayPal already offers a service that allows its customers to pay in cash at various Rite Aid, CVS, and 7-11 locations.

NOW WATCH: Why silk is so expensive

Next Article