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Wal-Mart To Offer Money-Transfer Service

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Wal-Mart To Offer Money-Transfer Service

Business

Wal-Mart To Offer Money-Transfer Service

Wal-Mart To Offer Money-Transfer Service

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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.

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.

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