American Express (Amex) has said that its full service reloadable prepaid account, American Express Serve, will be available for purchase at 4,100 Walmart stores across the US.
These Walmart stores will also become a part of Serve’s free cash reloading network.
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The agreement means that Serve customers can now add cash to their Account across 19,500 U.S. Walmart, CVS/pharmacy, and participating 7-ELEVEN locations free of cost.
In 2012, Amex partnered with Walmart to offer a Bluebird card which generated more than one million accounts in its first year.
American Express Serve will now be available along with Bluebird by American Express in Walmart stores.
American Express enterprise growth group president Dan Schulman said, "By offering American Express Serve alongside Bluebird at Walmart, we’re expanding our portfolio of products to meet the needs of more Walmart shoppers.
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By GlobalData"With Serve, our full service reloadable prepaid account, we can now provide the nearly 70 million Americans who are unbanked or underbanked a simple and affordable way to move and manage their money," Schulman added.
Amex will sell Serve for a purchase price of $1.95 in Walmart, in the prepaid section of checkout lanes and Walmart MoneyCenters.
The card company said that as soon as a customer adds cash to an American Express Serve account at the register, the money is instantly available to spend in store or online where American Express Cards are accepted. Customers are allowed to add maximum $500 or minimum $20 in cash for free at the register.
Furthermore, customers can also use these funds to pay bills or transfer money from their balance available for everyday spending into a linked Reserve to set aside money for future shopping, such as a vacation, big event, or for emergency funds.
