Concord EFS Not Affected by Wal-Mart's Proposed California Bank Acquisition.

Business Editors & High Tech Writers

MEMPHIS, Tenn.--(BUSINESS WIRE)--May 16, 2002

Concord EFS, Inc. (Nasdaq:CEFT), a leading electronic commerce provider, responded today to a New York Times article that reported that Wal-Mart, a Concord client, is seeking approval to buy a California bank. Concord does not expect its revenue to be affected by such a move. Concord currently provides Wal-Mart with processing services for PIN-secured debit card and electronic benefits transfer (EBT) card payments, which include acquiring the PIN-secured debit or EBT transaction, routing it for authorization, and settling with Wal-Mart's designated bank.

"Our relationship with Wal-Mart remains strong, and its potential acquisition of a bank will not have an effect on our PIN-secured debit volumes," said Edward A. Labry III, Concord president. He also stated, "Such a move will in no way impact the revenue stream or profitability of Concord's long-term agreement with Wal-Mart."

Concord is a leading vertically integrated electronic transaction processor, providing transaction authorization, data capture, settlement and funds transfer services to financial institutions, supermarkets, petroleum retailers, convenience stores, restaurants, and other independent retailers. Concord's primary activities include Network Services, providing ATM driving, PIN-secured and signature debit card processing, deposit risk management, and STAR(sm) network access to the financial services industry; and Payment Services, providing credit, debit, check authorization, and electronic benefits transfer processing services to selected retail segments. Concord news releases, links to SEC filings, and other information are available on its corporate web site at www.concordefs.com.

This release may contain or incorporate by reference forward-looking statements made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such statements are not guarantees of future performance and involve risks, uncertainties, and other factors which may cause our actual performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by those statements. Concord undertakes no obligation to publicly update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, or changes to future results over time. See the cautionary statements included as Exhibit 99.2 to our Annual Report on Form 10-K filed on February 26, 2002 for a more detailed discussion of certain of the factors that could cause our actual results to differ materially from those included in the forward-looking statements.