Finextra posted an announcement regarding the launch of a mobile funds remittance solution from Walmart through a relationship with Ria, an international remittance provider owned by Euronet. American Express is also involved in the new service offer through their BlueBird prepaid card product. The service is described as follows in the press release:
Today, Walmart – together with Ria Money Transfer and American Express – announced further improvements to the (money transfer) service, with the ambition of helping customers save even more money, along with time.
Despite already offering some of the industry’s lowest prices on money transfers, Walmart is slashing prices again on its Walmart2Walmart money transfer service. The new fees, available beginning today, allow customers to save 20 to 90 percent on cash transfers versus the leading competitor.
Walmart2Walmart offers transparent national pricing in all Walmart stores, as opposed to other leading competitors, who often vary prices location by location
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Here’s how American Express is involved:
…beginning in May, Walmart and American Express will introduce the Bluebird2Walmart Money Transfer Service, which allows accountholders of Bluebird – a checking and debit alternative – to digitally send money for cash pickup at Walmart store locations. Accountholders can access the new service by visiting Bluebird.com or by using the Bluebird app on their smartphone. Money receivers do not need a Bluebird Account; rather, they can simply pick up their funds at any Walmart store within minutes of the online transfer.
What isn’t clear is what happens to the long standing partnership with MoneyGram who also provides similar capabilities through Walmart locations. MoneyGram is in the midst of a deal to be acquired by Ant Financial a sister organization to Chinese mobile wallet provider AliPay. MoneyGram has received a competing acquisition offer from none other than Euronet, Ria’s parent company.
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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