Asda’s American parent has made a major new move into financial services, targeting consumers outside the country’s traditional banking system.
Walmart has teamed up with American Express to provide a card-based account dubbed Bluebird. It launches next week online and across Walmart’s 4,000 US branches, allowing consumers to manage deposits and make payments with no regular fees.
The move represents Walmart’s biggest move yet on the country’s retail banking sector.
“Our customers tell us that they’re tired of navigating a complex maze of dos and don’ts to avoid the ever growing list of fees found on checking products,” said Walmart’s vice president of financial services, Daniel Eckert.
“Bluebird solves this problem and we believe it’s the best product on the market to help customers affordably manage their everyday finances.”
He added: “The financial services landscape is changing. Technological advances, regulatory changes, and evolving consumer needs are redefining payments ranging from prepaid, to checking and debit. Bluebird is our solution to help consumers who currently may be poorly served by traditional banking products.”