PayPal said Thursday that it is teaming up with Walmart to deliver financial services to joint customers, allowing them to access cash at the retailer's stores.
The companies said in a press release that as part of the joint efforts, they will roll out PayPal cash in and cash out services at Walmart locations, with an exclusive fee of $3 per service.
The announcement marks the first time PayPal mobile app users will be able to take cash out of their PayPal accounts in brick-and-mortar environments, in addition to the extant ability to load cash into their PayPal balances at Walmart stores.
The company said that similar to PayPal mobile app users, PayPal Cash Mastercard customers can now access their cash balances using Walmart Service Desks, ATMs and cash registers for the same fee.
“Today’s news is the first time our two companies are working together to build products for our shared customers,” said Dan Schulman, PayPal's president and CEO. “We consider this a key collaboration for both PayPal and Walmart. We 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. We look forward to working hand-in-hand to help people and families with their financial services needs.”
PayPal cash in will now be immediately available at Walmart, and the PayPal cash out option will be available at all Walmart locations by early next month, the companies said.
Daniel Eckert, senior vice president, Walmart services and digital acceleration, said in the same statement that “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.”