New Walmart App Helps Associates Manage Money
Mega-retailer Wal-Mart Stores Inc. is now providing a suite of services to help employees plan ahead for bills and savings goals while also allowing access to wages ahead of paychecks for unexpected expenses.
Available to more than 1.4 million associates nationwide across the Walmart, Sam’s Club and Walmart eCommerce divisions, the money-management services were created in collaboration with two financial technology startups – Oakland, Calif.-based Even and San Jose, Calif.-based PayActiv – with tools accessible through Even’s mobile app, available for iOS- and Android-based devices. Being able to plan ahead eliminates employees’ work of determining how much money is OK to spend, while access to earned pay ahead of paychecks via a feature called Instapay provides greater flexibility and helps avoid overdrafts, high-fee funding or credit options.
Even’s app securely connects to associates’ checking accounts, prepaid accounts or Walmart Associate Paycards, and links to Walmart’s payroll systems. It automatically subtracts anticipated expenses from a user’s expected cash inflows, allowing associates to see how much money they’re able to spend.
“Traditional approaches to workforce well-being often focus solely on physical health, but we know from listening to our associates that financial well-being is just as important,” said Jacqui Canney, Walmart’s chief people officer. “We’re investing to give our people financial tools that help provide more stability in their lives, which we believe will empower them to be all they can be when they are at work serving our customers.”
Walmart will cover the entire cost of Even’s automated financial management tool for both hourly and salaried associates, and will ensure that associates can use Instapay up to eight times annually for no cost. For employees who need to use Instapay more frequently, Walmart will subsidize the additional Even subscription required to do so.
Bentonville, Ark.-based Walmart serves 260 million customers through more than 11,600 stores under nearly 60 banners in 28 countries, as well as its ecommerce websites.