Over the years it has battled not only with mega-rivals like Target and Amazon, but also with the key stakeholders of the payments industry itself. At the same time, it has worked with many of these companies as partners, giving Walmart the means to not only lower its own costs but also experiment with daring new services in the digital age.
This listicle is compiled from reporting by PaymentsSource writers including John Adams, Kate Fitzgerald and David Heun. Click the links in each item to read more.
Walmart takes on the world
The new service gives Walmart a chance to cash in on the massive market for cross-border payments, fueled by an increasingly digital economy and global investments in using blockchain to reduce costs of international money movement.
"Walmart likes to be a 'bank' because there is a lot of room for profitability and to provide better service in that sector," said Larry Berlin, vice president with Chicago-based First Analysis Securities. "By offering these types of financial services, they are also looking for foot traffic and more sales in their stores."
It is becoming more common for a Walmart shoppers to go to the financial services section of a store and feel pretty much like they are in a bank branch.
"You'll see the MoneyGram services, you'll see the various prepaid card offerings, you'll see maybe a bank branch ATM and pitches for mobile payment applications, things like that," Berlin said. "They tried to be a bank and got turned down, and they have worked hard to get around that."