PSYC Corporation (PSYC)

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Walmart is launching a global money transfer service called Walmart2World

Less than 1 percent of Walmart's annual net sales came from fuel and financial services, which includes wire and money transfers. Companies like Western Union and MoneyGram, meanwhile, have built their businesses entirely around the idea.

Walmart is now launching a global money transfer service called Walmart2World in a partnership with MoneyGram International. The service is scheduled to roll out to all of Walmart's 4,700 US stores, on Walmart.com, and to the Walmart mobile app later this month(April).

Walmart2World will allow customers to relay funds to people in more than 200 countries. With this service, the retailer aims to serve the roughly 2 billion individuals across the globe who the World Bank's Global Findex database classifies as unbanked. Common uses for wiring money include paying bills and remitting money to families or friends overseas.

Walmart2World will charge an individual $4 to send up to $50, $8 to send amounts between $51 and $1,000, and $16 to send $1,001 to $2,500. And unlike some other international transfer services, Walmart's fees will remain the same regardless of where the sender and receiver are located. In addition, Walmart2World also promises delivery of funds in 10 minutes or less, unlike some services that can take as long as three days. MoneyGram's network of agents across the globe will help serve the populations where Walmart doesn't always have a presence. (recommend FuninUSA to know more about global companies’ service)

Speed and low, stable prices will be the absolute advantages of Walmart when it expands the scope of business in money transfer. Does the charge seem a good price for you? Will Walmart’s stock price reach relatively higher because of this new service?