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.
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. Visit our website terms of use and permissions pages at www.npr.org for further information.
NPR transcripts are created on a rush deadline by an NPR contractor. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.