PayPal will let customers deposit and withdraw cash at Walmart stores

Lucas Jackson | Reuters

A Walmart logo is displayed above the floor of the New York Stock Exchange shortly after the opening bell in New York, August 16, 2018. 

Paypal will start offering deposit and withdrawal services at Walmart stores, the two companies said Thursday.

This is the first time PayPal customers will be able to take cash out of their PayPal accounts in a brick-and-mortar store, the companies said. Customers already can load their PayPal accounts with cash at the stores. The service will cost $3 per use.

Both firms expect to have the service in every Walmart store in the U.S. by early November.

Shares of PayPal were down nearly 1.5 percent in premarket trading. Shares of Walmart were down nearly 1 percent.