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Dollar General
DG,
said Tuesday it is planning to offer customers a suite of financial service aimed at increasing access to banking options and will test a buy-now, pay-later program. The retailer said services include its spendwell banking platform and new FIS Worldpay card reward points payment options. “Through a partnership with InComm Payments, and issued by MetaBank(R), the spendwell Bank Account and Visa(R) debit card is now available at Dollar General’s 18,000+ stores, as well as through a dedicated online platform and easy-to-use mobile banking app,” the company said in a statement. The account includes a direct deposit service that will enable customers access wages up to two days early. Spendwell will offer two options, including an account with no monthly fees or one that allows customers to earn 1% unlimited cash back to be redeemed on purchases at Dollar General. Both come with a Visa debit card that can be used anywhere. The company is waiving the purchase price to open an account through Sept. 30, and will charge just $1 from Oct. 1. The BNPL program will be powered by Sezzle and trialed at more than 1,700 stores in Texas. Dollar General shares were slightly lower premarket but have gained 12% in the last 12 months, while the S&P 500
SPX,
has gained 10%.
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