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Wal-Mart launches money transfer service between stores

Bentonville, Ark. – Wal-Mart Stores Inc. is launching a new store-to-store money transfer service that will put it in competition with Western Union and other companies. Called Walmart-2-Walmart, the new service will be operated by Ria Financial Services, a subsidiary of  electronic payments company Euronet. It will start on April 24 and allow customers to transfer money to and from more than 4,000 Walmart stores nationwide for what the retailer says is up to 50% less than similar offerings on the market.

Walmart-2-Walmart offers a fee structure with two pricing tiers: customers can transfer up to $50 for $4.50 and up to $900 for $9.50. Walmart-2-Walmart leverages the retailer’s existing footprint and technology, and is powered by Ria, the licensed money transfer operator for all Walmart-2-Walmart transactions. Walmart acts as the authorized agent of Ria.

“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 Wal-Mart U.S. “Walmart-2-Walmart brings new competition and transparent, everyday low prices to a market that has become complicated and costly for our customers. We’re doing what we do best - launching a new service that challenges the status quo and drives down prices for our customers.”