Walmart has announced that it will offer a new service with their electronic payments provider Euronet Worldwide called Walmart-2-Walmart Money Transfer Service. They will now be competing with companies such as MoneyGram and Western Union.
Both companies are stating that the transfer service will be significantly cheaper than alternatives, and will be available at more than 4,000 stores in the U.S.
Last year, Wal-Mart U.S. received about 1 percent of annual sales from financial services such as money orders, prepaid cards, wire transfers, check cashing and bill payments, according to its latest annual report.
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