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Walmart enables money transfers to Mexico through its retail chain

Friday 4 March 2022 14:33 CET | News

US-based retailers Walmart has launched Walmart2Walmart, a service through which customers can send money from any US Walmart to any Walmart store in Mexico for USD 2.50 per transaction.

The company said that the transaction fees are at least 50% lower than similar offerings on the market. In addition, they are committed to providing more inclusive and affordable financial solutions for all customers, including unbanked or underbanked.

Ria Money Transfer, a subsidiary of Euronet, will handle the transactions. In May 2021, Walmart began offering Western Union services at branches across the US but has since moved further into the banking services to provide its own solution.

Remittances to Mexico are up over 27% in 2021, a USD 51 billion industry in 2021 that cost senders USD 51.5 million, Lendit Fintech News explains.

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Keywords: Walmart, product launch, retail, merchant, money transfer
Categories: Payments & Commerce
Companies:
Countries: Mexico, United States
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Payments & Commerce






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