In its latest bid to offer more options for its “unbanked” customer base, Walmart says it plans to allow consumers to shop from a broad selection of online items, and then go to its stores and pay with cash.
Walmart claims to be the first major retailer to offer online purchases without the need for a credit, debit or prepaid card. The Bentonville, Ark.-based chain says one in four U.S. households are either “unbanked,” without any accounts or credit cards, or “underbanked,” with limited options.
Yet 81% of the unbanked and 63% of the underbanked have Internet access. At Walmart, which has been rolling out more extensive financial services over the last several years, the majority of transactions are paid for in cash or cash equivalent, including debit cards, while just 15% of transactions are on credit cards.