Consumer Payment Card News

Unbanked Card

The world’s largest retailer is introducing a new debit card to serve the needs of one of its core customers, the “unbanked.” The new “Wal-Mart MoneyCard VISA” will be rolled-out to 1,300 Wal-Mart stores by the end of this month and to another 1,300 stores by the end of July. The card is part of Wal-Mart’s push into financial services. The retailer hopes to open 1,000 “MoneyCenters” in a quarter of its stores by the end of 2008. The “MoneyCenters” will offer low-cost check cashing, money orders, bill payment and money transfers. Wal-Mart currently conducts more than two million money services transactions each week. With 225 currently, Wal-Mart “MoneyCenters” will double to 450 by the end of this year and then more than double again to 1,000 by the end of 2008. The new VISA debit card will sell for about $9 and has loading fees and monthly maintenance fees. However, Wal-Mart says it is competitively priced. The new debit card is being launched nationally with the help of GE Money and the Green Dot Network. For more information visit: “http://www.walmart.com”:http://www.walmart.com.

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