Walmart soon starts beta testing a digital checking account with employees and customers
According to Bloomberg, the world’s largest retailer is ready to enter the banking segment. Walmart is going to offer a digital checking account via One, a Walmart-backed independent fintech unit. Beta-testing will start in a few weeks with employees and selected online customers.
If the move proves successful, the retailer is ready to dive deeper into financial services, with lending and investing products expected to follow.
Initially called Hazel, the One unit rebranded in 2022 after acquiring neo bank One and on-demand wage access firm Even. The venture was “designed to develop and offer modern, innovative and affordable financial solutions.”
After the merge, the ONE app is supposed to be integrated inside Walmart’s physical and digital channels, offering payment, saving and credit solutions to its 1.6 million U.S. associates and 100 million-plus weekly shoppers.