Wal-Mart mulls launching
MoneyCenters in Latin America
US retailer Wal-Mart is
considering launching its
recently announced MoneyCenter
units in Latin America,
according to a company
spokesperson.
Earlier this week, Wal-Mart said
it would open 1,000 MoneyCenters
in the US by the end of 2008,
covering a quarter of its
stores.
The company is evaluating
launching MoneyCenters in Latin
America as it tends to have a
uniform approach in all the
countries it operates in, the
spokesperson said.
"However, the company would only
implement them in the countries
that legally allow these
ventures," he said.
Wal-Mart is also analyzing the
business viability of opening
MoneyCenters in its Puerto Rican
stores but no decision has yet
been made, the spokesperson
said.
MoneyCenters aim at providing
customers outside mainstream
banking with nationwide access
to low-cost money services,
including check cashing, money
orders, bill payment and money
transfers.
Wal-Mart's financial services
offer in the US will be
complemented with the launch of
the Wal-Mart MoneyCard, a
reloadable prepaid Visa rolling
out nationally with GE Money and
Green Dot.
Last February, Wal-Mart launched
a banking subsidiary in Mexico
aimed at low-income earners as
well as micro and small
enterprises.
In Latin America, Wal-Mart also
operates in Argentina, Brazil,
Costa Rica, El Salvador,
Guatemala, Honduras and
Nicaragua. |
