Walmart to expand
pay-by-bank options
Walmart Inc. said on Monday that, starting next year, it will allow customers shopping online to pay directly from their bank accounts for an instant transaction.
The customer will see the payment reflected in their bank balance right away, and Walmart will receive the funds immediately. This allows Walmart to bypass debit and credit card processing fees, which companies often pass on to consumers.
The Walmart Pay program has a similar pay-by-bank feature, but transactions can take up to three days to process. Also, Walmart Pay can only be used in stores.
“This is an extension of Walmart’s Pay by Bank solution launched earlier this year,” a Walmart spokesperson said.
It lets customers link their bank account to their Walmart Wallet to pay for orders, she said.
“We expect this new option for real-time consumer payments will … provide shoppers with even greater choice in paying online,” the spokesperson said.
The Bentonville-based retailer said another advantage of instant pay for customers is the purchase doesn’t stack up as a pending transaction, which can put customers with low bank balances at risk of overdraft fees from their bank.
— Serenah McKay
Indian hotel operator
to buy Motel 6 chain
The budget motel chain Motel 6 is being acquired by the parent company of OYO, a hotel operator based in India.
The New York-based investment firm Blackstone, which owns Motel 6’s parent company G6 Hospitality, announced that the deal would be an all-cash transaction worth $525 million.
The transaction will also include the sale of the Studio 6 motel brand, which caters to customers seeking extended stays. The deal is expected to close by the end of the year.
OYO, which began in India just over a decade ago, has been expanding its footprint in the United States over the past few years. The company said it operates 320 hotels across 35 states and is aiming to add 250 more this year.
“This acquisition is a significant milestone for a startup company like us to strengthen our international presence,” Gautam Swaroop, OYO’s international division chief, said in a statement Friday.
Blackstone had purchased Motel 6 and Studio 6 in 2012 for $1.9 billion.
— The Associated Press
Arkansas Index ends
day up by 6.28 points
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Monday at 900.80, up 6.28 points.
“The S&P 500 closed at a new high on Monday, as traders looked to build on last week’s gains following the Federal Reserve’s interest rate cut,” said Chris Harkins, managing director at Raymond James & Associates.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
