Walmart has been working diligently over the past several years to establish itself as a leading banking alternative for low and moderate income people. Its latest foray into financial services for this market segment is a prepaid card developed and marketed in concert with American Express, the Bluebird Card. This is yet another example of how alert and aggressive players can jump in to exploit underserved market segments.
In the least, Walmart is bound to cement ties with its core market. Amex, meanwhile, is reaching beyond its traditional customer base, affluent big spenders, to tap a broader demographic.