That is an interesting move for Walmart. I wonder why they didn't do it earlier. In the Philippines, a lot of digital banks have popped up starting 2021. They offer online payment, online/physical cards, high savings interest, loans, and other services. They have even started offering stock market purchases. By removing the middleman, they can offer a lot of good deals.
From what I can see, they tried to do some things 30 years ago but the regulators put a stop to that.
It is a different environment considering where technology is going.