(March 5, 2008) Jane Thompson, the head of Wal-Mart Stores Inc.’s Financial Services unit, revealed some interesting tidbits on Tuesday about the No. 1 retailer’s payment services, but she didn’t answer one question many in her audience of 2,200 was asking regarding the widely watched Wal-Mart MoneyCard: how many of the prepaid cards have been issued?

Thompson outlined Wal-Mart’s financial initiatives in a keynote address at the 2008 Prepaid Card Expo in Las Vegas, but said she is barred from giving out metrics such as card numbers. She did say, however, that she is very happy with card’s volume, reloads, and other measures since its July 2007 launch. “Within our horizon are millions of cards and billions of loads,” she said, adding, “We are pleased with all the metrics.

General Electric Co.’s GE Money Bank issues the Visa-branded card, which is reloadable at Green Dot Corp. network locations. Wal-Mart is aiming the card at unbanked customers and so-called “underbanked” consumers who use banks infrequently or have stopped using their bank accounts because of fees. These consumers account for 20% of Wal-Mart’s customers, Thompson said. As with the goods in its stores, Wal-Mart is positioning the MoneyCard as a better-priced alternative to competitors’ prepaid cards.

Thompson did say that the Financial Services unit is handling more than 2 million money-order, money-transfer, and check-cashing transactions per week. Volume in these services grew more than 40% in Wal-Mart’s fiscal 2008 that ended Jan. 31. “Our awareness is still very low, so we think there’s a lot of room to grow,” Thompson said.

Wal-Mart last year cashed 45 million paychecks collectively worth $17 billion for an average check value of about $378. Wal-Mart promotes the MoneyCard, which can accept direct deposits, when customers cash paychecks, according to Thompson. The MoneyCard does not charge a load fee for payroll checks.

Meanwhile, Wal-Mart is expanding the number of stores with “Money Center” areas near the front of the store where all Wal-Mart financial services are available. Some 494 stores had Money Centers at the end of fiscal 2008, and 15 more are opening this month, according to Thompson. Counting its Sam’s Club warehouse stores, Wal-Mart has more than 4,000 U.S. locations.

Thompson did not indicate Wal-Mart was about to launch any major new financial initiatives. Bankers often tremble when they sense Wal-Mart might try to move onto their turf, as they did when Wal-Mart applied for a Utah industrial bank charter in 2005. The move provoked a huge controversy, which ended when Wal-Mart withdrew the application a year ago.