Two years after Walmart launched its MoneyCard savings vault feature, user deposits cross the $2 billion mark.
Walmart announced last week that their prepaid card customers have moved $2 billion to their “savings vault” since it launched the feature two years ago.
The savings feature allows Walmart MoneyCard users to transfer money from their card balance to a virtual vault using the MoneyCard’s mobile app or web portal. The money can be used for later spending, allowing users to plan for a vacation or other larger purchase.
Walmart provides a little extra incentive for cardholders to save–cash prizes. For every dollar transferred to the vault, MoneyCard users get a chance to win a monthly drawing with a grand prize up to $1,000.
The MoneyCard isn’t the only prepaid card to offer savings features. Netspend offers multiple prepaid card brands with savings. But instead of contests, cards like the Netspend Prepaid Visa and Brinks Prepaid Mastercard, offer high-interest on cardholders’ savings balances–up to 5%.
Still, the MoneyCard feature seems to have struck a chord with its customers. According to Walmart, cardholder savings increase an average of 35% when they use the vault.