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May 24, 2024

On the wires

April 23, 2024

On the web

February 27, 2024

On the web

December 19, 2023

On the wires

October 31, 2023

On the web

April 10, 2023

On the web

Walmart Sues Capital One in Effort to End Credit-Card Partnership: WSJ

MarketWatch

"Big-box retailer Walmart Inc. this week sued credit-card giant Capital One Financial Corp. in an effort to scrap a credit-card partnership between the two, according to The Wall Street Journal. Walmart’s lawsuit alleged that Capital One came up short on its service obligations, failing to replace lost cards or post some transactions to customers’ accounts in a timely manner — claims the credit-card provider said were “immaterial,” the Journal said. A Capital One representative told the Journal it would “vigorously protect our contractual rights in court.”"

March 2, 2023

On the web

January 27, 2023

On the wires

PhonePe Raises $350 mln, Becomes India's Most Valuable Payments Firm

Reuters

Walmart-backed PhonePe said on Thursday it raised $350 million from private equity firm General Atlantic at a $12 billion valuation, making it India's most valuable payments firm and giving it funds to expand into the lucrative lending space. A second tranche of investments from marquee global and Indian investors is expected to close next month, a PhonePe spokesperson said, declining to give further details.

December 12, 2022

On the web

Walmart-Backed Fintech Plans to Enter Buy Now, Pay Later Space

Newsmax

“A fintech startup whose investors include Walmart will reportedly begin offering a buy now, pay later (BNPL) solution as soon as 2023. According to CNBC, One, a fintech company jointly backed by Walmart and investment firm Ribbit Capital, one of the venture capital firms behind Robinhood, plans to launch a BNPL service that customers could use online and in-store at Walmart as well as other retailers.   A source told CNBC that continued economic challenges and inflation are motivating the decision to roll out a new BNPL service. According to a recent study from Juniper Research, the number of BNPL users will surpass 900 million globally by 2027. This will mark an increase of more than 540 million users from 360 million users in 2022. Juniper Research data indicates this 157% growth rate will be driven by an anticipated economic downturn, which will increase the demand for low-cost credit solutions. Interestingly, Walmart has been offering a flexible buy now, pay later ((BNPL) payment option with Affirm since February 2019, when it began allowing customers to use Affirm to make installment payments on purchases at more than 4,000 Walmart Supercenter stores nationwide. Walmart also integrated Affirm as a payment option on the Walmart.com e-commerce site, and makes the service available in Walmart Vision Centers.”

December 6, 2022

On the web

Walmart Checking and Apple Savings: Different Motivations, Similar Outcomes?

Federal Reserve Bank of Kansas City

“Walmart and Apple have announced plans to offer traditional financial accounts. Walmart’s consumer checking account may advance financial inclusion by increasing account access to unbanked and underbanked consumers. Apple’s consumer savings account may change how credit card issuers offer rewards to their customers. Both offerings are likely to increase competition in the financial services industry, though whether they ultimately benefit consumers remains to be seen. This Payments System Research Briefing examines the two companies’ new offerings, their motivations and target markets, the likely outcomes for their respective customers, and potential implications for the financial services industry.”

October 24, 2022

On the web

Walmart Links Credit Card Rewards to In-Store Discounts

Chain Store Age

“Walmart is partnering with a financial services technology platform to let shoppers redeem credit card rewards points at its stores. The discount giant is joining the Premium Payback real-time rewards redemption network offered by fintech provider FIS. As a result, Walmart customers are now able to redeem their credit card rewards points for real-time discounts at more than 4,700 Walmart stores across the U.S. Walmart customers using eligible cards will be prompted at checkout with the option to turn their card rewards currency into discounts, which will be deducted from their purchase amount.”

August 31, 2022

On the web

How PhonePe is Sharpening Its Ecommerce Ambitions As It Breaks Away From Flipkart

The Economic Times

“While PhonePe Switch and Stores still exist, the Walmart-owned company will launch a separate consumer buyers’ app by the end of the month that will be a part of the ONDC network, India’s infrastructure bid to break the dominance of ecommerce giants Amazon and Walmart-owned Flipkart in the country. PhonePe’s buyer app will be a consumer-facing platform that will allow shoppers to choose various products from sellers.”

June 24, 2021

On the wires

Walmart MoneyCard, Issued by Green Dot Bank, Now Offered As Demand Deposit Accounts With Enhanced Digital Banking Tools and Features for Customers

“Walmart (NYSE: WMT) and Green Dot (NYSE: GDOT) today announced the Walmart MoneyCard issued by Green Dot Bank is now offered as a demand deposit account (“DDA”) better equipped to help Walmart customers save money and live better. New and existing Walmart MoneyCard account holders may now access Green Dot Bank’s more comprehensive digital banking platform similar to a traditional banking account, plus the ease and convenience of managing their finances either digitally or at Walmart’s 4,500-plus locations or Green Dot’s 90,000-plus retail distribution locations nationwide.”

April 8, 2021

On the web

Walmart Files for Trademark for Fintech Unit: ‘Hazel by Walmart’

Bloomberg

Walmart Inc. ’s financial technology venture, still shrouded in mystery, now has a possible name: Hazel by Walmart. The world’s largest retailer filed for a trademark on the name on March 29, in the process giving clues as to what the startup might actually do. The application with the U.S. Patent and Trademark Office includes a slew of financial services that the startup could potentially offer, from issuing credit cards to offering credit-repair services. The list even includes financial-portfolio analysis and consulting, which suggests that Walmart may target wealthier customers along with its traditional lower-income clientele.”

January 11, 2021

On the wires

Walmart Announces Creation of New Fintech Startup

“Today, Walmart announced the creation of a new fintech startup designed to develop and offer modern, innovative and affordable financial solutions. The new company is a strategic partnership with leading fintech investment firm Ribbit Capital. The venture will bring together Walmart’s retail knowledge and scale with Ribbit’s fintech expertise to deliver tech-driven financial experiences tailored to Walmart’s customers and associates.”

October 29, 2020

On the web

Walmart’s new test stores will experiment with AR, mobile, revamped checkout and more

TechCrunch

Walmart over the years has been working to turn its physical retail stores into online fulfillment centers , and now, with its latest set of test stores announced today, the retailer will try out ideas to make that transition more seamless. Walmart says it will deploy personnel to four test stores across the U.S., where they’ll prototype and iterate on new technology and tools that will serve the needs of Walmart’s in-store shoppers and online shoppers alike, including changes involving augmented reality, handheld mobile devices, new apps, in-store signage, omni-assortment and revamped checkout stations.”

September 1, 2020

On the wires

Walmart Introduces Walmart+

“Walmart is launching a new membership program that brings together in-store and online benefits to save customers money and time like no other retailer can: Walmart+. Walmart+ uses the company’s unique assets to make life easier for busy families. Along with the power of its online presence, Walmart+ has the reach of more than 4,700 stores, including 2,700 stores that offer delivery as fast as same day. Members will receive unlimited free delivery from stores, fuel discounts and access to tools that make shopping faster for families.”

July 8, 2020

On the web

Walmart’s Amazon Prime Competitor Will Launch in July

Vox

“Amazon may have a 15-year head start, but Walmart is close to finally unveiling its own membership program that it hopes will eventually become an alternative to Amazon Prime. Walmart plans to launch a new subscription service later this month called Walmart+ that will cost $98 a year. It will include perks like same-day delivery of groceries and general merchandise, discounts on fuel at Walmart gas stations, and early access to product deals, multiple sources told Recode.”

May 26, 2020

On the web

Walmart And Green Dot Beef up the MoneyCard With a New Savings Rate And Other Features

Digital Transactions

“Looking to make their reloadable prepaid card more attractive as retailers and consumers alike deal with the uncertainty created by the coronavirus pandemic, Walmart Inc. and Green Dot Corp. on Tuesday said they are now offering a 2% rate on the Walmart MoneyCard’s associated savings account.  The rate is applicable for balances up to $1,000. Previously, no rate applied as users earned the chance to win prize savings instead, a Green Dot spokesperson says. The prize program is still in effect.”

May 22, 2020

On the web

Walmart’s U.S. Boss Expects Coronavirus to Alter Shopping Permanently

Wall Street Journal (pay wall)

“When John Furner became chief executive of Walmart Inc.’s WMT -0.53% U.S. operations last year, the biggest challenge was Amazon.com Inc. AMZN -0.40% Now Mr. Furner—who began his career at the company in 1993 as an hourly store worker and most recently led Walmart’s Sam’s Club—is leading the largest business unit at the country’s largest retailer during a global pandemic , working to keep stores open and speed the company’s shift to e-commerce.”

April 16, 2020

On the wires

How We’re Helping Walmart Customers Access Their Economic Impact Payment, Safely

“The IRS recently provided additional ways for stimulus recipients to set up direct deposit, so they can access their funds faster. But we know this does not provide a solution for customers who don’t have traditional bank accounts or, for other reasons, have come to rely on our stores to cash checks. We’ve waived monthly maintenance fees on the Walmart MoneyCard Reloadable Debit Card from April 10-June 30, encouraging customers to set up direct deposit and receive stimulus funds electronically. This offer applies to new MoneyCard customers who deposit $500 or more to their MoneyCard account. It also eliminates the need for individuals to leave their homes to cash or deposit paper checks.”

April 15, 2020

On the wires

PayPal Now Available on Walmart.ca

“PayPal is now available as a new payment option on Walmart.ca as more Canadians shop online for groceries and essentials than ever before, according to new research. Choosing PayPal during checkout means Canadians have the flexibility of paying for their purchase with their bank account, Visa Debit card, or credit card linked to their PayPal account while earning their card-associated reward points. Opening an account is free and customers are not charged a fee when making purchases.”

November 15, 2019

On the web

Walmart Posts 41% Online Sales Growth In Q3 As Grocery Investments Pay Off – Retail TouchPoints

retailtouchpoints

“Walmart is headed into the holidays with a jolly outlook after posting Q3 online sales growth of 41% and a better-than-expected 3.2% growth rate in U.S. same-store sales. The company attributed the online sales growth to ongoing expansion of its online grocery services. Walmart as a whole now generates 56% of its revenue from food and grocery sales.”

September 18, 2019

On the web

Walmart Launches Two New Credit Cards Offering 5% Back on Digital Purchases

TechCrunch

Walmart is partnering with Capital One to launch a new credit card program, which rolls on September 24, and includes both co-branded and private-label cards. The former, the Capital One Walmart Mastercard, includes 5% back on purchases made on Walmart.com or paid for in-store using Walmart Pay (the latter for the first 12 months.) The private label card, the Walmart Rewards Card, will offer those same perks, but is limited to being used only in Walmart stores and on Walmart.com.”

On the wires

Capital One and Walmart Reimagine the Retail Credit Card Program

“Capital One and Walmart are introducing the Capital One Walmart Rewards Credit Card Program, which launches with two new credit cards that reward customers for shopping at Walmart and on purchases they make everywhere the card is accepted. The program’s signature co-branded card, the Capital One Walmart Rewards Mastercard, and the private-label card exclusively for Walmart purchases, the Walmart Rewards Card, will be available beginning September 24.”

September 13, 2019

On the web

Walmart Grocery Is Expanding Its $98 Per Year ‘Delivery Unlimited’ Subscription Across the US

TechCrunch

Walmart is expanding its brand-new “Delivery Unlimited” grocery delivery membership program to more stores across the U.S., with plans to reach more than 50% of the country by year-end. The new program allows regular grocery delivery customers to pay either an annual fee of $98 or $12.95 on a monthly basis instead of paying the usual $9.99 per delivery fee. These options make Walmart Grocery delivery more affordable for those who order at least twice a month or more.”

August 23, 2019

On the web

Walmart Is Losing a Lot of Money Online. Does That Matter?

Digital Commerce 360

“Walmart Inc.’s online sales—which include a large buy online pick up in store (BOPIS) operation for groceries and other goods—are soaring. But profit for the ecommerce operation could be years away, according to industry observers. In the first and second quarters of Walmart’s current fiscal year, online sales grew 37.0% , the company reported. Management expects growth in ecommerce sales to be at least 35% for the year as a whole. That’s far above the 15.0% overall growth rate for U.S. ecommerce sales in 2018, according to Internet Retailer data.”

August 16, 2019

On the web

Walmart’s Q2 E-commerce Growth Bolstered by Online Grocery, Prime Day Sales Bump | ZDNet

ZDNet

“Walmart’s e-commerce business continues to be a bright spot in the company’s sales growth, with online grocery contributing significantly to its gains in digital. Walmart also gave a nod to its “four-day July sales event” that countered Amazon Prime Day for giving its Q2 e-commerce sales a boost. Overall, the world’s largest retailer reported comparable sales growth of 2.8%, while online sales grew at a rate of 37%.”

August 2, 2019

On the web

Walmart Wants to Patent a Stablecoin That Looks a Lot Like Facebook Libra

CoinDesk

“Retail giant Walmart has applied for a cryptocurrency patent that bears some similarities to the Libra token proposed by Facebook in mid-June. In its application with the U.S. Patent and Trademark Office, Walmart touts the concept of a digital currency “tied to a regular currency” – that is, what’s commonly known as a stablecoin. Libra will be a token pegged to a basket of fiat currencies and government bonds, according to Facebook. Over and above that, the filing suggests that the proposed coin could help provide finance for those with limited access to banking services – one of the major claims Facebook has made for Libra, most likely in an effort to appeal to the public (and regulators) over the token.”

July 3, 2019

On the web

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