Powered by Ria, Walmart-2-Walmart brings lower fees and simplicity to
the money transfer market
BENTONVILLE, Ark. -- (Business Wire)
Millions of customers transfer money domestically each year, many of
them struggling to navigate the complex and costly fees that come with
each transaction. Today, Walmart and Ria are launching a retail industry
first - Walmart-2-Walmart Money Transfer Service. Available April 24,
the new low-cost service allows customers to transfer money to and from
more than 4,000 Walmart stores nationwide for up to 50 percent less than
similar offerings on the market.
“After listening to our customers complain about the high fees and
confusion associated with transferring money, we knew there had to be a
solution,” said Daniel Eckert, senior vice president of services for
Walmart U.S. “Walmart-2-Walmart brings new competition and transparent,
everyday low prices to a market that has become complicated and costly
for our customers. We’re doing what we do best - launching a new service
that challenges the status quo and drives down prices for our customers.”
Walmart-2-Walmart offers a clear fee structure with just two pricing
tiers: customers can transfer up to $50 for $4.50 and up to $900 for
$9.50. Competitive offerings often include 10 or more fee tiers and
charge up to $70 for transferring less than $1,000. Money transfers
above $50 make up the majority of transactions in the U.S.
Walmart-2-Walmart will bring dramatic savings to these customers, for
example:
Money Transfer Amount |
|
|
| Competitors’ Prices |
|
|
| Walmart-2-Walmart Price |
$0-50
|
|
|
|
$4.75 to $5.00
|
|
|
|
$4.50
|
$50-200
|
|
|
|
$11 to $12
|
|
|
|
$9.50
|
$400-500
|
|
|
|
$34.50 to $40
|
|
|
|
$600-700
|
|
|
|
$46 to $58
|
|
|
|
$800-900
|
|
|
|
$57 to $76
|
|
|
|
Walmart-2-Walmart leverages the retailer’s existing footprint and
technology, and is powered by Ria, a Euronet subsidiary and a leading
global provider of money transfers. Ria is the licensed money transfer
operator for all Walmart-2-Walmart transactions, and Walmart acts as the
authorized agent of Ria.
“We believe the combination of Walmart’s existing footprint, with Ria’s
high-quality service, and our shared focus on the customer is what makes
Walmart-2-Walmart a true differentiator and stand apart from other
services on the market,” said Juan Bianchi, chief executive officer of
Ria Money Transfer. “Walmart-2-Walmart isn’t just another money transfer
service. It provides customers the best value with the speed and
security they expect.”
Almost 28 percent of Americans are classified as either underbanked or
unbanked, with millions using money transfers as a critical part of
maintaining household budgets or helping friends and family in times of
crisis. Communities that rely on money transfers the most include
members of the military or oil field workers who send part of their
paycheck back to their families each week.
Walmart also offers other everyday money services such as check cashing,
bill pay, money orders and tax preparation services, as well as
industry-leading pre-paid card programs though the Walmart MoneyCard,
and Bluebird, a checking and debit alternative. These services - and
Walmart-2-Walmart - are available at the Walmart MoneyCenter or
Walmart’s customer service desks.
“Walmart-2-Walmart is a great example of how Walmart continues to
partner with world-class providers to offer customers financial products
and services that provide clear benefits and help them save money,”
added Eckert. “The entrance of Walmart-2-Walmart into the money transfer
market is good for our customers and good for business.”
For more information, please visit: news.walmart.com/walmart2walmart
Editor’s Note:Compared to other money transfer providers at
Walmart for 12 months ending April 15, 2014.Savings vary by
transfer amount. Available for domestic transfers up to $900. Visit the
Walmart MoneyCenter for details.
About Walmart
Wal-Mart Stores, Inc. (NYSE: WMT) helps people around the world save
money and live better - anytime and anywhere - in retail stores, online,
and through their mobile devices. Each week, more than 245 million
customers and members visit our 11,302 stores under 71 banners in 27
countries and ecommerce websites in 10 countries. With fiscal year 2014
sales of over $473 billion, Walmart employs more than 2 million
associates worldwide. Walmart continues to be a leader in
sustainability, corporate philanthropy and employment opportunity.
Additional information about Walmart can be found by visiting http://corporate.walmart.com
on Facebook at http://facebook.com/walmart
and on Twitter at http://twitter.com/walmart.
Online merchandise sales are available at http://www.walmart.com
and http://www.samsclub.com.
About Ria
Ria Money Transfer is a global leader in money remittances and is a
recognized benchmark in both quality and service. Ria initiates
transfers through a network of sending agents and company-owned stores
located throughout North America, Europe and Australia as well as online
at www.riamoneytransfer.com.
In 2013, Ria processed approximately 28 million money transfer with a
face value of more than $9 billion through a network of 216,000
locations in 135 countries. Ria is steadfast in its commitment to
customers and remains ingrained within the communities in which they
live. For more information visit www.moneytransfer.com.
Ria is a subsidiary of Euronet Worldwide, Inc. (NASDAQ: EEFT), a
worldwide leader in processing secure electronic financial transactions.
Through three business segments - Electronic Financial Transactions
(EFT), epay Prepaid Products and Ria Money Transfer - Euronet offers a
diverse portfolio of electronic payment alternatives to customers in
approximately 155 countries. In addition to consumer-to-consumer money
transfer, Euronet’s product portfolio includes comprehensive ATM
services, point-of-sale processing, card outsourcing services, prepaid
mobile airtime and other prepaid content and mobile operator solutions.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20140417005636/en/
Contacts:
Walmart
Media Relations:
Sarah McKinney, 1-800-331-0085
http://news.walmart.com/reporter
or
Euronet
Stephanie
Taylor, 913-327-4200
Source: Wal-Mart Stores, Inc.
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