Walmart’s financial services, including prepaid cards, money transfers, and banking, are posing a challenge to traditional financial institutions:
“The overarching goal for Walmart is to build an array of services that complement its low-margin retail operations while keeping shoppers inside the company’s ‘ecosystem,’ as the industry lingo goes. For Walmart, that means expanding not only through banking services but also through digital advertising, health care, an online marketplace with third-party sellers, and a membership program not unlike Amazon Prime. ‘We’re building a different business, and we’re making progress,’ Chief Executive Officer Doug McMillon said on the company’s latest earnings call in August.“
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