7:03 am June 16, 2010, by Henry Unger
Is this just the beginning for Wal-Mart?
The giant retailer has taken a minor stake in the prepaid debit-card seller Green Dot Corp. — a move that would give Wal-Mart indirect access to the U.S. financial industry, the Financial Times and Reuters are reporting.
California-based Green Dot sells prepaid debit cards and reloading services to U.S. consumers at about 50,000 retail stores including Wal-Mart, Walgreen and 7-Eleven, Reuters reports.
Wal-Mart’s stake represents less than 1 percent of the combined voting power of its outstanding common stock, Green Dot said in a government filing.
An attempt by Wal-Mart to open a U.S. bank was abandoned in 2007 after intense lobbying by the financial industry.
On Tuesday, Wal-Mart began a push into Canada’s financial industry, launching a domestic bank and a rewards credit card, Reuters reports.
Do you think Wal-Mart will try again here?
Would you sign up?
Or do you think Wal-Mart is big enough already and should stay out of banking?
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