There are already more potential Walmart banking locations than any of America's four largest banks.
It’s hard to overstate how major a moment this could be for consumer finances. Walmart has long offered MoneyService stations at its locations providing customers with options like cash checking, tax prep aid, and transnational money transfers, as well as rewards partnerships with various credit and prepaid debit card providers. A direct, in-house banking system, however, could present an entirely new era for the company, as well as the larger financial world.
—means the big box’s ubiquity and convenience could be a huge draw for a banking alternative. Sources also relayed tothat store employees will be incentivized to open One accounts with features like getting paid via direct deposit at the end of every shift instead of waiting for biweekly checks. There is no current definite timeline for an official public launch, but major banking institutions, competitors, and federal watchdogs are likely keeping a close eye on developments. In preparation for the coming fintech shift, the existing One app will soon undergo a makeover to offer 2-percent cash back for every dollar spent at gas stations, drugstores, and—of course—Walmart.Andrew Paul is Popular Science's staff writer covering tech news.
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