NEW YORK – Wal-Mart Stores Inc. (WMT) will launch a prepaid card aimed at customers who do not have access to a bank account, the Financial Times reported in its online edition on Wednesday.
The product, called the Wal-Mart MoneyCard, represents a significant expansion of Wal-Mart's financial services for mostly low-income customers, which include low-cost check-cashing and money-transfer services, the FT said.
Wal-Mart did not immediately return a call seeking comment.
The card will be launched with GE Money, a unit of General Electric Co. (GE), the retailer's financial partner, and branded a Visa card, according to the report. An official announcement of the pilot program may come as soon as this month.
Wal-Mart, which in March withdrew a request to open a specialty bank, told analysts and investors last week it is getting "great acceptance" among customers for its financial services and is looking to expand financial products as well as its MoneyCenters.
Wal-Mart hopes customers will use the cards as quasi-bank accounts to access a range of financial services, the FT reported.