Walmart differentiates itself from competitors by providing key services for customers.

As customers continue to seek convenience, Walmart is finding a way to drive traffic with financial services that continues to set it apart from its competitors.

In fiscal (January) 2018, fuel and financial services and related products generated less than 1% of Walmart U.S.’s $318.5 billion in net sales. Assuming financial services and related products comprised 0.5% of sales, they generated $1.6 billion in revenue that year. But market research firm Packaged Facts’ new report “U.S. Financial Services Market Focus: The Walmart Shopper,” finds that revenue Walmart generates directly from financial services and related products tells only part of the story.

Walmart’s financial services and related products play a significant role in driving store traffic and therefore positively impact overall sales. Walmart’s comprehensive financial services offering also strongly differentiates the chain among retailers, providing an additional traffic boost.

Moreover, the revenue Walmart generates from these transactions does not include revenue generated by its partners, among them prepaid card provider Green Dot; money transfer provider MoneyGram; credit card partner Synchrony Financial; and tax services partner Jackson Hewitt who also generates a significant share of its revenue from the 3,000 Jackson Hewitt kiosks located in Walmart stores. Perhaps the most revenue comes from Walmart’s in-store bank branches, which collectively have billions in deposits and generate significant revenue from fees and interest.

The result is a multi-billion-dollar financial services enterprise that plays a vital role in fulfilling millions of consumers’ financial services needs, driving sales of Walmart merchandise and other services in the bargain.

Many c-stores are also getting into the world of financial services such as with check cashing or money orders. Savvy retailers are looking to Walmart’s success to see how they might provide added convenience for time-strapped customers.