Walmart has made enhancements to its financial service offerings to better serve unbanked customers.
Nearly 27 percent of U.S. consumers are unbanked or underbanked and rely on services such as wire transfers as a safe and reliable alternative as they manage their everyday finances, according to the National Survey of Unbanked and Underbanked Households.
This group makes up a large part of Walmart's customer base.
"Our customers tell us they are looking for simple and affordable solutions that make their lives easier,” Kirsty Ward, VP of services, Walmart U.S, said in a statement. "Millions of our customers use transfers as part of their everyday money management – sending funds regularly to their loved ones and often in times of urgent need. We’re committed to driving down the cost of sending money, which means customers keep more of their hard-earned funds."
To that end, Walmart is expanding Walmart2Walmart money transfer services by increasing the transfer limit through its partnerships with Ria, and is including transfers to Walmart Mexico stores in partnership with MoneyGram.
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More than 18 percent of international money transfers from the United States are sent to Mexico, with many transactions both starting and ending in Walmart stores, according to the company.
MoneyGram has also lowered the service fees on transfers within the United States for funds sent over $2,500.
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Walmart offers a range of financial services at stores including check cashing, bill pay, money orders, tax preparation services and credit card programs.