BENTONVILLE, Ark. – For the first time, PayPal is teaming up with a bricks-and-mortar store. The online bank has partnered with Walmart to allow customers to make cash withdrawals and deposits to their PayPal accounts at Walmart stores for a $3 service fee, CNBC reports.
This announcement expands on an earlier agreement that allowed customers to load PayPal accounts with cash at Walmart stores. PayPal Cash MasterCard customers also can use Walmart service desks, ATMs and cash registers to access their cash balances for a $3 service fee.
“Walmart is committed to expanding access to financial services products that are convenient, easy to use and available for everyday low prices,” said Daniel Eckert, senior vice president of Walmart services and digital acceleration.
PayPal and Walmart say the service will be available at every U.S. Walmart location by early next month. Services such as this one are aimed at enticing customers who have limited banking services or no banking account at all. According to a 2015 study by the Federal Deposit Insurance Corp., a fourth of U.S. households are “unbanked” or have limited banking services.