April 4, 2019
By Daniel Eckert, Senior Vice President, Walmart Services and Digital Acceleration
Helping our customers save money is what we do here at Walmart. That’s why we teamed up with Green Dot and Commonwealth a little more than two years ago to create the first national, prize-linked savings program on a retailer’s prepaid card in the U.S.
And, it’s working. As of today, our customers have moved more than $2 billion through the program’s virtual Vault, a safe and accessible way to save money through the Walmart prepaid MoneyCard.
Our Prize Savings program helps customers reap the rewards of saving money through an appealing incentive: the chance to win extra money.
It all starts with the Vault. Customers with a Walmart MoneyCard can put up to $500 in a virtual Vault for safekeeping. Once the money is in the Vault, each dollar earns an entry for one of 1,000 cash prizes every month (one grand prize of $1,000 and 999 $25 prizes).
These cash prizes are encouraging participants to hold on to their savings. Customers like Dixie are encouraged to build savings habits, because they have a chance to win real money each month.
When customers use the Walmart MoneyCard Vault, their savings increase by 35% on average, and we have seen a 274% usage increase since we announced the Vault two years ago.
The fact that customers have moved $2 billion through the MoneyCard Vault is an important milestone. I’m proud of what we’ve been able to do to help Americans save and become more financially secure in the past two years, and I can’t wait to see what the next two years (and beyond!) bring.