Walmart to launch money transfer program

Walmart (NYSE:WMT) said Thursday it will partner with Ria Money Transfer to launch the new Walmart-2-Walmart Money Transfer Service. Under the program, users can transfer money to and from more than 4,000 Walmart stores.

The service lets customers transfer as much as $50 for a $4.50 fee, and up to $900 for a $9.50 fee. It launches on April 24. 

Walmart said the idea for the service was sparked by shoppers asking why money transfers were so expensive. Walmart said its money transfer service costs as much as 50 percent less than other options available on the market.

"After listening to our customers complain about the high fees and confusion associated with transferring money, we knew there had to be a solution," said Daniel Eckert, senior VP of services for Walmart U.S.

Money transfers at Walmart through MoneyGram will remain available for customers wanting to send money to a location other than a Walmart store and amounts larger than $900, Walmart said. Services such as MoneyGram and Western Union will still offer more features compared to Walmart's service, which currently does not allow transfers outside the U.S and has no online component.  

MoneyGram is under a three-year contract with the retailer that began in April 2013. The partnership between MoneyGram and Walmart is more than a decade old.

"MoneyGram continues to be a very valuable partner for us. What Walmart does is provide some added choices for customers. We do best when we provide a broad assortment of products at a low price and let customers choose," Eckert said.  

Walmart's new program is the second payment announcement this week following Facebook's (NASDAQ:FB) reveal that it is close to launching financial services, including mobile payments, in Europe. The move would provide the social media site with the ability to offer person to person payments.

For more:
-See this Walmart press release

Related news:
Sam's Club launches 24/7 tech support line, expands CE warranty service
Sam's Club's new 'Microbusiness Tracker' helps define member needs
Walmart: Improving in-stocks a $3B opportunity
Walmart: A relentless focus on change
What social media means to Walmart

Suggested Articles

Costco changes up its menu items, and Alibaba and Guess partner for a physical store.

Janey Whiteside, Walmart's new chief customer officer, is well acquainted with the importance of customer service in modern retail.

Whole Foods will offer deals on Amazon's Prime Day, and tariffs against China are causing pricing hikes.