US grocery giant Walmart has announced plans to launch a FinTech startup.
This will be part of a joint venture with Ribbit Capital.
Walmart wants to introduce “tech-driven financial experiences” tailored to its customers.
It aims to bring the supermarket’s scale, as well as knowledge and retail, together with Ribbit’s expertise in FinTech.
What does this mean?
According to Walmart, this is something its consumers have wanted for a long time. A huge element in the potential success of the project will be the sheer number of customers who already use and trust Walmart, which it believes will enable it to deliver the new solution at scale.