In fight against Amazon, Walmart expands global money transfer
As Amazon grows the Bank of Amazon, Walmart is becoming the PayPal of retailers.
Walmart is expanding the reach of its U.S. money-transfer service Walmart2Walmart to recipients in 200 countries for a flat fee. The service, called Walmart2World, will be offered at all of the retailer’s 4,700 U.S. locations starting this month through a partnership with MoneyGram.
Like any retailer, Walmart isn’t exactly taking on the banking industry — although it has its history of that — but instead, it’s making financial services more accessible to its existing customers in order to keep them and maybe increase their shopping activity.
Like PayPal before it, Walmart already emphasizes the physical channel for underbanked customers who can top up their account balances using cash or card at the point of sale. While it has more recently courted higher-income customers, it’s now reaching out to its original customer segment by encouraging consumers to make in-store transactions.
“[Money transfer services] are like bread at the restaurant for Walmart; it’s negligible revenue for them,” said Daniel Ives, chief strategy officer at GBH Insights. “The broader strategy is to build up that product arsenal on the consumer side — every Walmart customer globally is an Amazon customer that could be taken away.”
-
Why one agency is drawing inspiration from Jesus and avocados for Super Bowl marketing
Lerma's founder and CEO talks about the relevance of a multicultural marketing approach, the growing influence of Hispanic culture and more.
-
Google-Meta duopoly continues to creak in their ‘heightened maturity’ as Amazon, Apple ascend
The shadow both Apple and Amazon have cast over advertising dollars is getting longer by the quarter.
-
Why advertisers are still making space for experimental budgets even with economic uncertainty
Even in the midst of economic uncertainty, advertisers are bullish on experimental ad spend.
-
SponsoredWhy Best Buy Ads sees retail media as integral to its customer-centric purpose
Sponsored by Best Buy Ads Retail media networks have become critical for marketers, with retailers investing in ways that enable advertisers to engage consumers across online and offline channels. Given the wealth of retailers’ first-party customer data and measurement capabilities, retail media networks have become a natural fit for augmenting performance marketing programs. Alongside the […]
-
Marketers move beyond the basics of ChatGPT with new tools
Companies are setting their sights past OpenAI's free version and integrating their own data sets for new ads, bots and idea generators.
-
How the recession could impact brands’ metaverse spending
Digiday reached out to four experts to figure out how brands’ spending in the metaverse might change as they tighten the purse straps in preparation for a recession. Here are some of the biggest takeaways.
