U.S. Markets closed

Walmart and PayPal team up to allow customers to access cash at stores

Heidi Chung
FILE PHOTO: The PayPal logo is seen at a high-tech park in Beersheba, southern Israel August 28, 2017. REUTERS/Amir Cohen/File Photo

Walmart (WMT) could now have access to your wallet.

The world’s biggest retailer and PayPal (PYPL) are teaming up to allow their customers the ability to both deposit and withdraw cash at physical Walmart stores in the U.S. for $3 per service.

PayPal app users and PayPal Cash Mastercard cardholders will also be able to access their cash balances at Walmart service desks, ATMs and cash registers for the same $3 fee.

Prior to this, PayPal customers had no way of accessing cash at brick-and-mortar stores.

“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.,” Dan Shulman, PayPal president and CEO said in a statement.

Walmart’s collaboration with PayPal is just its latest move in aggressively partnering with various companies to make their stores a one-stop shop for customers.

“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 Services and Digital Acceleration Senior Vice President Daniel Eckert said.

Customers will be able to deposit money into their PayPal accounts starting Thursday, and withdrawals will be available at Walmart locations starting in November.

PayPal shares were up 2.4% in early trading Thursday.

Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter @heidi_chung

More from Heidi:
Snap is creating exclusive shows

Deutsche Bank says to buy Walmart, sell Kroger