FinTech: Walmart Has Saved Customers $2.4B On Money Transfers Since 2014
The store chain has worked with providers to lower fees and be more transparent in pricing.
Walmart (NYSE: WMT) launched a Walmart2Walmart money transfer service back in 2014. The service – 50% cheaper than competitors – was a low-cost, white label money transfer service that later forced rivals to lower their remittance fees.
The retailer announced today that it has saved customers more than $2.4 billion in fees till date, and more than $6 billion if one included the savings at its competitors through Walmart’s price actions. (Walmart)
“Staying true to Walmart’s Every Day Low Price commitment, we’ve been able to make change in the financial services industry for the better,” said Janey Whiteside, chief customer officer, Walmart U.S. “We’ve enabled family members and loved ones, those underrepresented customers that are un- and under-banked, to move money to one another quickly for much lower fees than ever before. The number of customers who benefited from these decreased fees is even higher when you consider both sender and receiver are our neighbors and Walmart shoppers.”
“Walmart is much more than simply a place where people shop. We’re a company customers rely on for so much more, including their financial needs. We’re committed to continuing to build out our financial services offerings and create further financial inclusion for customers,” added Whiteside.
Meanwhile, the United States Postal Service has begun moves to re-establish a postal banking system in the US. It launched a pilot check-cashing service in the cities of Washington, D.C.; Falls Church, Virginia; Baltimore; and the Bronx, New York.
Customers can now cash payroll or business checks of up to $500 at post office locations, and have the money put onto a single-use gift card such as a Visa gift card.
The fee: a flat $5.95 for any amount up to $500.
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