PayPal have been busy with Walmart on bringing up a new service for the vulnerable Americans. This will let anyone with a PayPal account to withdraw and deposit paper money at any Walmart across the U.S. Conversely, PayPal users will be able to withdraw cash from their account in a brick-and-mortar environment. Furthermore, they will be able to load cash into their account, said PayPal on 11th October.
PayPal customers will be able to withdraw cash from their account at all Walmart stores across the United States. This will commence from early November. However, you’ll need either the PayPal mobile app or a PayPal Cash MasterCard, which is basically a PayPal-linked debit card. Also this is the first time that PayPal-customers have been able to withdraw money from their accounts at a brick-and-mortar store. The “un-banked” 7% of the Americans will find this service invaluable. This means for those without a bank account wouldn’t be able to access this service.
The Catch behind Walmart service
Each withdrawal will cost the user, using the service approximately $3. This could be a drawback or downside to using the service. But, a small amount that will certainly add up over time if you do it regularly. But, the new service can be an option during emergencies, or for those with limited access to banking services. Therefore, shoppers may want to avoid paying out those fees by considering other cash withdrawal options, if available.
It’s the first time that the two companies are working together on a shared service for customers said Dan Schumann. Dan Schumann, president and CEO of PayPal also said, “We consider this a key collaboration for both PayPal and Walmart [and] are committed to working together to make it simple and easy for people to use PayPal cash-in and cash-out money services at every Walmart location in the U.S.,”
“As a company committed to expanding access to financial services/products that are convenient, easy to use and available for low prices,”. This was said by Daniel Eckert, senior vice president of Walmart Services & Digital Acceleration, said in a press release. “With 90 percent of Americans living within 10 miles of a Walmart store, we know that offering PayPal cash in and cash out money services for an exclusive low fee is going to provide great value to the many people who rely on Walmart and PayPal to help manage and move their money.” Said by Daniel Eckert.
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