PayPal Holdings, Inc. (NASDAQ:PYPL) just announced a huge collaboration today that left its stock closing in the green today, despite the Dow continuing to drop. PayPal and Walmart Inc. (NYSE:WMT) have agreed upon a partnership that will allow customers to use PayPal cash in and cash out services at Walmart stores.
PayPal and Walmart
Today, we announced a collaboration with the world’s largest retailer. Our CEO Dan Schulman spoke with @Walmart SVP Daniel Eckert about how the new products will benefit our joint customers. Here’s their conversation: https://t.co/YCGxHJ7lh5 pic.twitter.com/pqYRKZtJ1x
— PayPal (@PayPal) October 11, 2018
This new PayPal cash in and cash out money service will cost customers a $3 service fee to use it.
“Today’s news is the first time our two companies are working together to build products for our shared customers,” said Dan Schulman, President and CEO of PayPal. “We consider this a key collaboration for both PayPal and Walmart. We are committed to working together to make it simple and easy for people to use PayPal cash in and cash out money services at every Walmart location in the U.S. We look forward to working hand-in-hand to help people and families with their financial services needs.”
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This is the first time customers will be able to take out cash from their PayPal accounts in a brick-and-mortar store. Customers currently can load their PayPal accounts at any Walmart store for a $3 fee.
Customers will the PayPal Cash Mastercard will also be able to access their cash balance using either a cash register, ATM, or the service desk for the same fee.
Both PayPal and Walmart expect to have all three services functioning in every store by November. It will only be available in US stores at this time.
PayPal and Walmart Stock Movement
According to Yahoo Finance, PayPal Holdings closed the market today at $75.90 a share, up $0.45 (0.60%). Walmart closed out the market in the red today at $93.92 a share, down -$1.84 (-1.92%). However, in the after-hours trading, it is seeing gains, selling at $94.20, up $0.28 (0.30%).
This is a positive news for both companies, but with today’s downtrodden market, share prices haven’t reflected as such.
Featured Image: DepositPhotos /© paulmhill
