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Digiday reports on how Walmart “is using money services to lock in customers, grow sales, and stave off e-commerce rivals,” offering customers a “menu of money services that includes on-site check cashing, bill payments, money-transfer services and prepaid cards. It announced last week that its MoneyCard platform — a prepaid card and budgeting tool accessible through an app and a website — saved its customers $2 billion since its inception two years ago.”

According to the story, “The MoneyCard savings milestone marks Walmart’s slow march to drive customers to its ecosystem through financial services tools. The company recently launched a purchase financing option through startup Affirm in late February. Money services help Walmart position itself as a full-service retail and financial center for its customers — a tool to encourage customers to come to stores and make more purchases at Walmart.”
KC's View:
It is a measure of Walmart’s ambitions that even as it expands its offerings to the un-banked, it also is testing a high-end concierge service in New York City.