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Walmart Enables Shoppers to Pay Bills in Cash

Categories : Cash does not require a technology infrastructure
June 10, 2021
Published in : Acceptance of cash, CashTech, Retailers, US
U.S. retail giant Walmart has partnered with fintechs PayNearMe and Green Dot to provide its customers with a new way to pay their bills in cash at its 4,000 stores starting in August.
Guillaume Lepecq

Chair, CashEssentials

The Most Important Man in Payments

In 2012, the MIT Technology Review named Mike Cook (VP and Assistant Treasurer of Walmart) “The most powerful man in payments,” arguing that he oversaw half a trillion dollars in cash, credit, and coupons from customers around the globe. Payment service providers had to make it past the desk of Mike Cook if they were to make their payment solutions available to the 250+ million customers who visit Walmart stores every week. Nine years later, the retail landscape has undoubtedly changed. However, Walmart still outranks Amazon as the world’s largest retailer by a comfortable margin, with 2020 net sales of $555 billion compared with Amazon’s $386 billion.

Bill Payments in Cash

Effective August 2021, a new service, developed in association with PayNearMe and GreenDot, will enable customers to complete bill payment transactions at participating Walmart locations, says a press release. To pay bills, customers show an associate at the Money Services desk or Customer Service desk the scannable code on their smartphone, pay with cash and collect a receipt that confirms the payment is completed. Funds are then transferred to the biller electronically through a single consolidated settlement.

Walmart customers already have the ability to make cash payments to their billers in-store, but the retailer typically needs account and biller information. “With us, they scan, pay and go,” Laura Rummel, PayNearMe’s senior director for account management and retail partnerships, said in an interview.

Michael Kaplan, Chief Revenue Officer and General Manager, PayNearMe, said “Nearly a quarter of the U.S. population prefers – or needs – to pay their bills in cash, and when these individuals can pay their rent, car payments and utility bills in the same location where they shop, paying bills on time becomes easier and more convenient. We’re excited to offer more PayNearMe locations for consumers to make cash payments.”

PayNearMe today processes all forms of payment, including cards, ACH, Apple Pay, and Google Pay, and has enabled cash payments through their proprietary cash network since 2009. PayNearMe cash payments are accepted at more than 31,000 retail locations in the U.S. including participating 7-Eleven®, Walmart®, Family Dollar®, Casey’s General Stores®, and ACE Cash Express®, among others.

Beefing up Financial Services

Walmart has been beefing up its financial services arm as it seeks to become a one-stop shop for consumers’ financial needs. The retailer recently hired two Goldman Sachs Executives to oversee the expansion of its financial services. In addition, in January, Walmart announced the launch of a fintech start-up with Ribbit Capital, an investment firm. “For years, millions of customers have put their trust in Walmart to not only save them money when they shop with us but help them manage their financial needs,” John Furner, CEO of Walmart U.S., said in a news release. “And they’ve made it clear they want more from us in the financial services arena.”

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