Financial-technology firm Chime said customers can now deposit cash at more than 8,500 Walgreens Boots Alliance Inc. locations, another example of non-banks pushing deeper into consumer finance.
Users of Chime accounts won’t have to pay any fees for the service, the San Francisco-based company said in a statement Monday. The firm, which partners with banks to offer checking accounts and other financial services, said about 78% of the U.S. population lives near a Walgreens location.
“We know having access to a physical location for cash deposits is important to our members, and until recently, the options have been limited,” Chime co-founder and Chief Executive Officer Chris Britt said in the statement.
Other non-banks looking to expand into consumer finance include Walmart Inc. The giant retailer has been working to launch its own fintech to provide customers with financial services, after having submitted an application for a banking charter that it ultimately withdrew in 2007.
Big technology companies such as Amazon.com Inc. and Apple Inc. are likewise offering payment options meant to compete with products from traditional lenders.
— By Max Reyes