The Most Important Man in Payments

In 2012, the MIT Technology Review named Mike Cook (VP and Assistant TreasurerSee Cashier. More of Walmart) “The most powerful man in payments,” arguing that he oversaw half a trillion dollars in cashMoney in physical form such as banknotes and coins. More, credit, and coupons from customers around the globe. PaymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More 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 MoneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More 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 settlementThe discharge of an obligation in accordance with the terms of the underlying contract. In e-transfers the settlement may take days, whereas cash settlements are instantaneous and irreversible. More.

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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