On March 29, Walmart filed for a trademark name “Hazel by Walmart” and also a logo with the U.S. Patent and Trademark Office. The application also mentions a whole of financial services that the large retailer could potentially offer through its financial services startup.
Bloomberg first reported this news and said that the retailer declined to comment when asked for details. The services that could potentially be offered by Walmart are as follows:
- Issuing credit cards
- Giving credit repair services
- Financial portfolio analysis
- Credit and debit card transaction processing
- Virtual currency transaction processing
- Mobile payments
These are some of the services that could be offered by Walmart after its filing gets approval.
Earlier this year, in January, Walmart had partnered with Ribbit Capital. Ribbit Capital is one of the investors on the popular app Robinhood. The companies had released a joint statement stating that they would form an independent company that would benefit from Walmart’s retail knowledge and Ribbit’s fintech expertise. Walmart had said that it would have a majority stake in the new company but had not provided specifics.
However, after this announcement, Walmart had lured away top notch executives from Goldman Sachs who were expected to steer the new company. No specific details were provided about the role that these executives would play in setting up the new fintech services.
In a February investor meeting, Doug McMillon, the chief executive and president of the retail giant had said that customers wanted more from them “in terms of financial services.” He also said that this new approach would help them to deliver their services quicker and “in a differentiated way.” The new venture was set up after Walmart saw the potential in offering financial services that would help to make the retail experience more seamless for their existing customers.
Walmart Inc. (NYSE:WMT)’s CEO Doug McMillon has been with Walmart Inc. (NYSE:WMT) since 2014. He is considered the genius who took Walmart to the next level of e-commerce operations and soon in direct competition with Amazon. From 2009 to 2014 he was president and CEO of Walmart Inc. (NYSE:WMT) International. From 2005 to 2009 he served as president and CEO of Sam’s Club. He is an excellent example how working hard and being loyal pays off in order to be successful. He is an excellent role model for other employees who desire to rise up within the ranks of the company.
NYSE: WMT CWEB Analysts view the stock as a long and short term growth and a great addition to your investment portfolio with an upward momentum of $1000 by 2022 with direct competition to Amazon.