Walmart’s MoneyCard, issued by Green Dot Bank, is now being offered as a debit card linked to a demand deposit account (DDA) instead of being a prepaid card, per a Thursday (June 24) press release.
Walmart Vice President of Financial Services Julia Unger said that the move is intended to offer convenience to customers, with an improved method of managing finances. The new Walmart MoneyCard includes features such as overdraft protection and direct deposit as well as interest on savings.
New and existing Walmart MoneyCard account holders can tap Green Dot’s online banking platform, which operates similar to a traditional bank account. Customers can manage their finances with Green Dot online or in person at more than 4,500 Walmart stores or at over 90,000 Green Dot locations.
The move to change the Walmart MoneyCard from prepaid to DDA sprung from the desire to extend its customers’ access to enhanced features offered by Green Dot Bank. Walmart said more than one million customers use its MoneyCard.
The new MoneyCard solutions are intended to enable people to seamlessly manage their finances using new tools that will be enhanced over time, according to the release.
“As a financial technology company committed to seamlessly connecting people to their money, we’re always looking for opportunities to modernize products with helpful tools, great value and exceptional customer experiences,” said Brandon Thompson, executive vice president of retail, tax and PayCard at Green Dot.
Walmart CEO and President Doug McMillon said in March that the retail giant is targeting a move toward offering an all-in-one super app, which would be a “primary destination” for its customers — in-store and online.
PYMNTS CEO Karen Webster indicated in April that a super app could encompass a cross-section of services — finance, commerce, healthcare and payments.
In 1988 when Walmart Superstores first rolled out in Washington, Missouri, it took a page from similar retailers in Europe, selling a variety of general merchandise in addition to groceries. Following the company’s fourth 2020 earnings report, the retail giant indicated that it was looking to become its customers’ primary shopping destination, online and in person.
The Walmart MoneyCard Reloadable Debit Card introduced new features for account holders like a 2 percent annual percentage yield on money saved with a connected savings account.
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