US banking giant, American Express has entered into an agreement with world's largest retailer, Walmart to launch new prepaid access account called, Bluebird.

The account, which is aimed at helping customers better manage their personal finances, will offer a replacement to the debit and checking accounts. The new service will allow customers to access services like deposits by smartphone and mobile bill pay, fee transparency, and no minimum balance, monthly, annual or overdraft fees.

The account service will be initially offered across 000 Walmart stores, according to the company officials. Walmart US financial services vice president Daniel Eckert said Bluebird will assist customers who are dealing with inadequate traditional banking products. The service will allow customers to easily move, manage, and spend their money.

There will be various ways to deposit money into such accounts. The service allows payroll direct deposit, remote check capture through the Bluebird mobile app, using cash at any Walmart register, or by linking a checking, savings, or debit card to the account. American Express will issue new cards in case of loss of cards at no extra cost.

"It's a checking and debit alternative to appeal to tens of millions of customers that just aren't getting the value they're expecting," said Daniel Eckert, vice president of financial services for Walmart U. S.