Mega-Retailer Announces Mega-ATMs

Published

June 13, 2011

Contributing writer for Credit.com, Chris graduated with honors from the Columbia University Graduate School of Journalism, and has reported for a number of publications including The New York Times, TIME magazine and Popular Mechanics.

ATMs are coming to Walmart. And, just like everything the mega-retailer does, they will be supersized. The company announced last week that it will begin placing a “Money Center in a box” inside some of its stores, according to reporting by American Banker.

For years Walmart has run Money Centers, staffed by human beings, which offer bank-like services including check cashing, bill payment and wire transfers. The idea is to expand the centers into new stores, but without the labor costs or dedicated floor space required by a traditional kiosk.

The company did not announce where the new ATMs will be located or how many it will install. The announcement was made by Jane Thompson, Walmart’s soon-to-be-former chief of financial services, during the 6th Annual Underbanked Financial Services Forum.

“It’s going to be kind of like ‘Where’s Waldo.’ You’ll have to find them,” Johnson said.

More than 1,000 of Walmart’s 3,815 stores in the U.S. currently have Money Centers. They are some of the most profitable areas inside Walmart stores, said Johnson.

The company also is one of the largest sellers of prepaid cards, issued by Green Dot Corp. The new ATMs will let people refill their cards without waiting in line at the checkout counter.

Image: via Walmart

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