Recently there was an article in the New York Times titled: At Wal-Mart, a Back Door into Banking. You can click the link to read the full article, but the "cliff-notes" version is that Wal-Mart is going to continue to provide financial services even if the federal regulators won't let them own a bank.
In case you weren't already aware Wal-Mart currently offers: credit cards, investment services, check printing, and credit report services. The most recent news is that Wal-Mart is going to begin offering a prepaid debit card targeted at the "un-banked." However, the sentence that really caught my attention is that they plan to, "allow them to check their balances online or on mobile phone, pay certain bills or withdraw cash from A.T.M.’s." (New York Times - Barbaro and Dash 6/21/07)
The big question I want to know is, "what will there mobile service look like?" Which solution will they go with? I would almost certainly think they'd utilize a vendor - but which one? Keep an eye on this one because the vendor that scores this account will have tremendous resources at their disposal.
Tuesday, June 26, 2007
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