As part of its ongoing strategy to diversify and expand its portfolio, Walmart has launched a new global money transfer service, Walmart2World.
Walmart2World is an extension of the company's existing domestic Walmart2Walmart service that the company launched four years ago.
To date, Walmart2Walmart has saved its customer approximately $700mn in fee costs.
“We think sending money should cost the same regardless of where you send it; that’s why we’ve designed a brand new global wire service to send money to 200 countries with a consistently low fee,” said Kirsty Ward, Vice President of Walmart Services.
“There are millions of people sending money around the world to help loved ones with everyday needs or in times of emergency.”
The platform has been developed and launched in partnership with US payments firm MoneyGram International.
“Walmart2World, Powered by Moneygram helps customers get money to family and friends across the world in minutes, and the new low fees mean more of their hard-earned cash goes where it’s needed most,” Ward continued.
The transfer service is said to offer highly competitive exchange rates and allow delivery within just minutes.
“The new product demonstrates our shared commitment to ensuring our customers receive the financial services they depend on at an outstanding value,” said Alex Holmes, MoneyGram’s CEO.