Walmart Rolls Out International Money-Transfer Service
April 03 2018 - 1:28AM
Dow Jones News
By WSJ Staff
Walmart Inc. (WMT) is launching an international money-transfer
platform, Walmart2World, that will be powered by U.S.-based
payments company MoneyGram International Inc. (MGI).
The retail behemoth said in a news release early Tuesday that
the Walmart2World service is set to be available in its 4,700 U.S.
stores this month. The service will allow customers to send money
to 200 countries, the company said.
Walmart2World will charge service fees based only on the amount
of funds that are wired, up to $16 to send as much as $2,500, the
company said. The service will deliver funds in 10 minutes or less,
and the money can be picked up at any of Dallas-based MoneyGram's
agent locations world-wide, at an international bank or through a
mobile-wallet account, Walmart said.
The rollout comes four years after Walmart, based in
Bentonville, Ark., introduced its domestic money-wiring service,
Walmart2Walmart, going up against Western Union Co. (WU) and
MoneyGram, among others.
In January, China's Ant Financial Services Group, a payments
company affiliated with e-commerce giant Alibaba Group Holding Ltd.
(BABA), was forced to abandon a $1.2 billion deal to acquire
MoneyGram after a U.S. national-security panel refused to approve
the takeover.
(END) Dow Jones Newswires
April 03, 2018 01:13 ET (05:13 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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