The discount retailer is also lowering the card's monthly fee to $3 from almost $5, and cutting the fee customers pay to reload the card to $3 from $4.64.

"While we'll make a little less money than we would with that other pricing, we feel like this is one of those game-changer type moves," said Jane Thompson, president of Wal-Mart's financial services division, in an interview.

Wal-Mart introduced the MoneyCard in June 2007 in a push to sell more financial services to its lower-income shoppers.

It also announced plans at the time to open 1,000 financial services centers in its U.S. stores to reach the 73 million Americans it said do not have bank accounts or credit card access.

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