MISSISSAUGA, Ontario — Walmart Canada here yesterday said its new subsidiary, Walmart Canada Bank, has launched Walmart Rewards MasterCard just days after winning government approval to operate a bank in the country.
The card allows users to earn 1.25% of their spending at Walmart and 1% of their purchases "virtually anywhere else MasterCard is accepted," the company said. The rewards can be redeemed instants at any Walmart Canada location.
The company plans to offer additional banking products over time, Trudy Fahie, president and chief executive officer of Walmart Canada Bank, said in a Bloomberg report.
Wal-Mart Stores, based in Bentonville, Ark., previously sought permission to open in bank in the U.S., but it withdrew its application in 2007. In Canada, other retailers that operate banking entities include Loblaw Cos. and Canadian Tire.
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