Walmart is taking on Western Union and MoneyGram through the launch of a low-fee store-to-store money transfer service.
This is excellent news for the underbanked in USA. It would be even better if Walmart could adjust the price break so that it is $200 before the upward rate is applied, so that the G20 ceiling of 5% is not breached.
Hopefully this is also a way for international transfers, such as our RTpay gift program, to be funded at Walmart stores at a competitive price, so our zero cost policy can be applied.
In any event, it is good to see that attention is being paid to the most needy by a major organization.
$4.50 on a $50 transfer - ouch - that's almost 10% (and much more for lower amounts). The other services must have been brutal.
to £60k base, £100k OTEAnywhere, UK
© Finextra Research 2014