Walmart Checking and Apple Savings: Different Motivations, Similar Outcomes?

Abstract: Walmart and Apple have announced plans to offer traditional financial accounts. Walmart’s consumer checking account may advance financial inclusion by increasing account access to unbanked and underbanked consumers. Apple’s consumer savings account may change how credit card issuers offer rewards to their customers. Both offerings are likely to increase competition in the financial services industry, though whether they ultimately benefit consumers remains to be seen.

Keywords: credit cards; checking accounts; savings accounts;

JEL Classification: E42; G23;

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Bibliographic Information

Provider: Federal Reserve Bank of Kansas City

Part of Series: Payments System Research Briefing

Publication Date: 2022-11-30

Issue: November 30, 2022

Pages: 5