“Walmart is much more than a place where customers shop. To millions, it’s also a place they trust for their financial needs as well,” Wilbert Noronha, vice president of financial services at Walmart, said in a press release on Tuesday (Jan. 19).
The global services will be available at more than 4,700 brick-and-mortar Walmart locations across the U.S., and will include domestic and international money transfers, bill payments and money orders, Noronha said. The rollout is expected to launch in the spring of 2021.
Jean Claude Farah, president of global networks at Western Union, said that collaborating with Walmart will bring “the best of our money movement and payments service capabilities” to expanded consumer populations across the country and globe.
As the world’s largest retailer, Walmart offers customers transparent financial services using their preferred providers. Walmart said that since 2014, it has saved people in excess of $1.5 billion across its financial services offerings.
“Together with Walmart, we have a shared purpose of supporting our customers who rely on us to send money to make everyday purchases, including essentials like healthcare and groceries. In an age when speed, security, convenience and trust mean everything, we are offering customers greater ease, reliability, access and confidence with every transaction,” Farah said.
Western Union enables cross-currency, cross-border transfers in 200 countries and territories. The tie-up with Walmart gives people the ability to transfer funds to family and friends almost anywhere. Customers can receive funds in cash or have them transferred directly into a designated bank account.
Walmart has about 11,400 stores under 55 banners in 26 countries and eCommerce websites, according to the release. Its fiscal year 2020 revenue hit $524 billion. Walmart’s payroll numbers 2.2 million associates worldwide.
Western Union said in November of 2020 that the pandemic had fueled heightened demand for money transfers both in the U.S. and abroad. The company also said it was expanding its real-time digital payout capabilities for billions of bank accounts in 100 countries.