is set to move into the US banking space at end of October
through a partnership with Green Dot
The US retailer has made its desire to offer banking
services clear for years; it already operates a bank in Mexico.
In 2007 it gave up on its attempts to secure a US bank charter,
but has since launched a
pre-paid card in conjunction with American Express and a
money transfer services.
partnership with Green Dot, a US regulated bank, will allow
Walmart customers to apply for checking accounts in store that
have lower eligibility thresholds than traditional bank
"Walmart is opportunistic and has a strong captive consumer
base that is in need of financial services," said Jeffery Taft
a partner at Mayer Brown.
"Green Dot has a tradition of targeting this market...