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Milk, Diapers and Checking Accounts: Banking Comes to Walmart

  • Retail giant leans on new venture for checking accounts
  • Thousands of employees, consumers will be part of initial test
Customers outside at a Walmart store in Torrance, California, US.

Customers outside at a Walmart store in Torrance, California, US.

Photographer: Bing Guan/Bloomberg

Coming soon from the world’s largest retailer: checking accounts.

A venture that’s majority-backed by Walmart Inc. is poised to emerge from the shadows this month with digital bank accounts meant for the retail giant’s 1.6 million US employees and legions of weekly shoppers. In coming weeks, the company will start offering the accounts to thousands of workers and a small percentage of its online customers as part of an initial beta test of the new service, according to people with knowledge of the matter.