News

Walmart MoneyCenter kiosks should have retailers, banks shaking in their boots

June 12, 2011

According to Bank Investment Consultant.com, Wal-Mart Stores Inc. recently announced that it will be rolling out automated kiosk-based versions of its MoneyCenter offices, which provide a range of financial services to Walmart shoppers.

The "MoneyCenter in a box" concept will feature ATM-like machines positioned in stores that do not have full MoneyCenters, according to a Wal-Mart spokeswoman.

"Retailers should shake in their boots, banks should shake in their boots," Brian Riley, a research director in the bank cards practice at TowerGroup, told the site. "Because if Wal-Mart starts linking their kiosks to doing reloadable gift cards, they have the power to move a lot of transaction money."