Walmart Offers Digital Banking and Checking Accounts

You can get just about anything at Walmart, including checking accounts.

Walmart has an astounding 1.6 million US associates and over 100 million weekly shoppers.

According to Bloomberg, the initial test for the checking account will not be offered to everyone, just a small percentage of Walmart’s online customers and thousands of employees. The bank accounts will be offered through One. According to Finextra.com, One is “the independent fintech unit Walmart has established under the leadership of former Goldman Sachs consumer banking chief Omer Ismail. Initially called Hazel, the unit rebranded earlier this year after it acquired neo banking player One and earned wage access firm Even. At the time it already had 200 employees and more than $250 million in cash on its balance sheet.”

This major move for the retail company has been years in the making. And eventually, One is hopeful that they will be able to offer other services such as loans and investing.

It seems like Walmart will become a one-stop shop for not only your household items and groceries, but your banking needs as well.