US retail giant Wal-Mart Stores is expanding into the area of money transfer, with the launch of a new service next week called ‘Walmart-2-Walmart’ to directly compete with Western Union and MoneyGram.
The retailer plans to broaden the range of financial services that it offers to its lower-income customers and also to increase store traffic. The new service, to be run Euronet Worldwide’s subsidiary Ria Money Transfer, will undercut the fees currently offered by competitors.
The new service, which will not be available online or outside of Wal-Mart’s North American stores, enables shoppers to send and receive cash from family members and friends at more than 4,000 of its US outlets.
Walmart-2-Walmart customers can transfer up to US$50 for a US$4.50 fee, compared with between US$4.75 and US$5 at rival services, Wal-Mart said. Transferring US$900 will cost US$9.50, compared with US$73 via MoneyGram.
The service will limit customers’ daily transfers to a maximum of US$900. The group said that higher amounts would require the sender to provide much more information, adding a level of complexity that would compound costs. It also anticipates little demand for transfers exceeding US$1,000.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.