Wal-Mart To Offer Money-Transfer Service

The giant retailer will go head to head with Western Union and Moneygram in a market worth about $900 billion. But Wal-Mart says it will offer lower fees.

Copyright © 2014 NPR. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required.

RENEE MONTAGNE, HOST:

NPR's business news starts with wiring from Wal-Mart.

(SOUNDBITE OF MUSIC)

MONTAGNE: The giant retailer is taking another step into banking. The company says it's launching a money transfer service next week. It'll go head-to-head with Western Union and MoneyGram, in a market worth about $900 billion. But Wal-Mart says it will offer lower fees. Western Union and MoneyGram's stock both dropped on the news.

Copyright © 2014 NPR. All rights reserved. No quotes from the materials contained herein may be used in any media without attribution to NPR. This transcript is provided for personal, noncommercial use only, pursuant to our Terms of Use. Any other use requires NPR's prior permission. Visit our permissions page for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.