Walmart’s new “Walmart-2-Walmart” transfer service will allow people to send money to each other by using the retail chain’s store network. This service will be introduced on April 24th, 2014. However, you have to pay to use this service; People can send up to $50 for a fee of $4.50, and up to $900 for a fee of $9.50.But that should be expected, isn’t it? Nothing in life is free. The program is possible a potential competitor to Western Union. The Walmart’s program is limited though, where as the Western Union’s isn’t. It does not allow transfers outside the U.S, and cannot be used online. It also prohibits transfers larger than $900.
“The service leverages our footprint and large scale to enable a low-cost service,” said Daniel Eckert, senior vice president of services for Walmart U.S. on an April 17 conference call. “There is a large underbanked population in the U.S. that uses money transfer as a primary method.”
Walmart is extremely popular and has a lot of customers – I am unsure if the service is worth the money or if it will be successful, but let’s see where this takes us.