PayPal is taking their service off the Internet and into your hands with a new initiative that will see them partner with Walmart to offer withdrawal and deposit services at any store near you.
PayPal and Walmart announced the deal on Thursday, touting it as the first time in PayPal's history that its users will be able to take out and deposit money into their PayPal account using a PayPal Cash Mastercard or the PayPal app.
Starting in November, PayPal users can go to any Walmart store's ATMs, cash registers or service desks and get cash for $3 per transaction.
"Today's news is the first time our two companies are working together to build products for our shared customers," said PayPal's President and CEO Dan Schulman in a statement.
"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."
PayPal has been making an effort to push its users toward more traditional modes of banking with itself as the primary conduit, siphoning fees off in the process. For years it has worked with smaller banks to offer services similar to any bank or finance institution like direct deposit and debit cards.
The partnership with Walmart is PayPal's first attempt to break into the brick-and-mortar scene, attaching itself to a conglomerate that has been eager to modernize and says it has stores within driving distance of most US residents.
"Walmart is committed to expanding access to financial services products that are convenient, easy to use and available for everyday low prices," said Daniel Eckert, the senior vice president of Walmart's Services & Digital Acceleration division.
"With 90 percent of Americans living within 10 miles of a Walmart store, we know that offering PayPal cash in and cash out money services for an exclusive low fee is going to provide great value to the many people who rely on Walmart and PayPal to help manage and move their money."
Walmart's more than 4,700 stores and 3,000 ATMs will make it simple for PayPal users to access their money and buy goods, expanding their reach beyond the digital world, even as companies push for greater adoption of digital wallets like Apple Pay and Google Pay.
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