Walmart MoneyCard Prize Savings: One Year Anniversary Brief

Walmart MoneyCard Prize Savings: One Year Anniversary Brief

Innovative financial products can help financially vulnerable people save money. Walmart’s MoneyCard Prize Savings program, designed in partnership with Green Dot Bank and Commonwealth, is demonstrating that case. Prize Savings uses the chance to win cash prizes to make saving fun and to engage people in a large-scale, sustainable way. A year after the launch of Prize Savings, this new feature is clearly having an impact. Since officially launching Prize Savings in August 2016, Walmart MoneyCard Vault usage is up more than 274 percent; users are, on average, saving 35 percent more; and more than 7,000 customers have won cash prizes. MoneyCard customers are utilizing a new tool to manage their financial lives and Walmart and Green Dot are better serving their customers’ needs. This brief highlights the impact of the first year of Prize Savings.

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