Walmart invests in debit card seller Green Dot

Walmart have 2 million shares in Green dot

Walmart has its figurative finger in a lot of pies, and several news sources are reporting today that the retail giant has gained indirect access into US financial space by purchasing a stake in the pre-paid debit card seller Green Dot Corp.

The move might be a strategic one to gather momentum within the financial sector as Walmart was declined the opportunity to open its own US bank in 2007, in the face of bitter opposition within the industry and among politicians. Instead, Walmart will gain a one percent stake in Californian Green Dot (around two million shares), who sells pre-paid debit cards and reloading services to U.S. consumers at roughly 50,000 retail stores including Walmart, Walgreen Co (WAG.N) and 7-Eleven.

"In a filing with the U.S. Securities and Exchange Commission this month, Green Dot said it had issued 2,208,552 shares of Class A common stock to Walmart," Reuters reports.

In Canada, Walmart has had more success, having been approved to open Walmart Canada Bank. It also launched a Walmart Rewards MasterCard, which gives cardholders dollars instead of points, in what is widely expected to be just the first stage of an assault on the Canadian market.

Walmart is not the only retailer seeking to take advantage of public disillusionment with banks by offering its own financial services. In the UK, Tesco has moved to take on traditional players, buying out RBS to take complete control of their joint venture and turn it into a full service bank.

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