By Sam Boughedda
Investing.com — American retail giant Walmart Inc (NYSE:WMT) has teamed up with tech firm InComm Payments to make it easier for people to pay bills and load money onto pre-paid cards at its in-store money and customer service centers.
Shares of Walmart dipped 0.6% on Tuesday.
Walmart called it a convenient and efficient way for millions of customers to pay their bills or fund prepaid accounts nationwide" through InComm's VanillaDirect network.
The network includes over 15,000 billers and account providers over various sectors, such as tolling, telecommunication, utility, rental companies, banking, and insurance providers.
Walmart customers will be able to pay bills and fund a variety of account types at its customer service desk or Walmart Money Center by scanning a barcode linked to their account and completing the payment with cash. Funds are then shifted electronically through a single consolidated settlement.
"VanillaDirect is an excellent addition to Walmart's payment options that provides their cash-centric customer with a new, convenient and easy-to-use method for paying bills and funding the accounts that support their everyday lives," said Stefan Happ, president of InComm Payments.
On Monday, KeyBanc analyst Edward Yruma was bullish on Walmart stock, saying that innovation can "drive growth and margins."
The analyst currently has an overweight rating on the shares with a $180 price target.