- Retailer looks to expand domestic transfer platform to include international transactions
- Service will target over two billion unbanked consumers across the globe
- MoneyGram agents will facilitate payments in locations without Walmart presence
Walmart has just announced a partnership with MoneyGram International that will expand the retailer's domestic Walmart2Walmart money transfer service to international customers.
The US-based Walmart2Walmart platform lets customers transfer money between domestic store locations, up to $2,500 in a single transaction. The newly expanded service, called Walmart2World, will make it possible for customers to send money to more than 200 countries worldwide.
The new global service aims to offer more choice for the roughly two billion individuals around the world who are classified as unbanked according to the World Bank database. Unbanked individuals typically do not hold accounts in any traditional financial institution and rely on remittances to make purchases, pay bills and share money with family and friends overseas.
Walmart's international money transfer service promises customers lower prices and less processing time for transactions.
Walmart2World will charge a flat-rate fee of $4 on transfers up to $50, an $8 fee on transfers between $51 and $1,000, and $16 on transactions up to $2,500. These fees will stay the same no matter where the sender and recipient are located, unlike other services who charge varying location-based fees.
According to Walmart officials, the new service will prioritize clear and straightforward menu-board pricing on all transactions so customers know exactly what to expect when sending funds abroad. The company is also focused on speeding up transactions, promising delivery in ten minutes or less.
To facilitate these transactions, Walmart has partnered with MoneyGram International to access the transfer service's global network of payment agents in order to serve customers in places where Walmart doesn't have an existing retail presence.
Walmart2World will go live in all 4,700 US stores, Walmart.com and the retailer's mobile app later this month.
