Wal-Mart has built a new fintech platform or will provide services such as mobile payments

According to the latest media news, recently foreign media citing the US Patent and Trademark Office information, Walmart previously established a financial technology startup has filed a trademark application “Hazel by Walmart”, is currently in the review stage.

The application documents show that the platform can offer mobile payments, bank transfers, credit cards, financial advice, insurance services, credit repair and other services. As of now, Walmart has not yet commented on the news.

In January, Walmart announced a fintech startup partnership with Ribbit Capital, a joint venture that will expand fintech market share through partnerships and acquisitions, the company also develops and delivers modern, innovative and affordable financial solutions.

The new company will combine Wal-Mart’s retail experience and scale with Ribbit’s fintech expertise to provide Wal-Mart customers and partners with a technology-driven financial experience.

Wal-Mart has previously said it will develop “unique” and affordable financial products for its employees and customers. A whole set of smart retail solutions, from non-payment to code scanning shopping, will inspire more retail industries.

Wal-Mart has also hired two senior consultants, Omer Ismail and David Stark, of Marcus, Goldman’s digital business platform. The two played a key role in Marcus’ landmark $97 billion in deposits and will help Walmart build its own fintech division.

The idea is that Walmart is setting up its own “Wal-Mart Bank”

The world’s largest retailer is trying to make more money by creating a ‘one-stop’ shop for consumers’ financial needs. With the continuous development of mobile payment, artificial intelligence, digital supply and other technologies, the supermarket retail industry is entering a brand new era — smart retail.