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...good news is that growing international economic interdependence is a little like nuclear deterrence: nations with such far-reaching trade and financial ties have an interest in preserving steady economic relations. China doesn't want to lose its best customer. If Chinese factories selling to Wal-Mart and other American companies shuttered as a result of trade tensions, millions of Chinese workers could find themselves unemployed-and angry at their government. Likewise, if offshoring stalls in India and the economy tumbles, voters will likely hoist their leaders out of office in the next elections. So both the Indian...
...Wednesday, the nation's largest retailer unveiled plans to open 1,000 in-store MoneyCenters aimed at serving the 40 million or so people without traditional bank accounts. The main draw at the centers, which will be in about a quarter of all Wal-Mart stores by the end of 2008, is the cashing of government and printed payroll checks for the bargain price of $3 a pop. The retailer is also debuting a reloadable, prepaid Visa debit card that does not require a bank account or proof of U.S. citizenship...
...their paychecks in order to cash them and then pay cash for every single purchase they make because they do not qualify for a credit card or checking account. "These are our core customers. We probably have more than others of this underserved customer," says Jane Thompson, president of Wal-Mart Financial Services, who notes that the average check-cashing customer at Wal-Mart earns $350 per paycheck and has never had a credit card before...
...centers leave plenty of room for the Wal-Mart to work with partners to add even more financial services such as mortgages and home equity loans later, something the company has not ruled out and competitors are already bracing for. Although Wal-Mart withdrew its bid earlier this year to become a full-fledged bank, amid opposition from community banks that feared such a move would put them out of business, Wal-Mart's new Money Centers and MoneyCards are giving them a significant foothold in the financial services industry. The centers currently offer money orders, bill payment and phone...
...Check-cashing services have actually been available at Wal-Mart for several years. But until now customers had to wait in long customer service lines instead of having designated counters where they can make these transactions. "They are making this a priority and making it more visible to the consumer. This is something they really care about," says Jennifer Tescher, director of the Center for Financial Services Innovation, a nonprofit that does research and advocacy work for the unbanked. "It doesn't matter whether or not they have a bank charter." And as countless small retailers can tell you, when...