Walmart-2-Walmart allows shoppers to transfer money to and from 4,000 Walmart stores nationwide for up to 50% less than competitors, Forbes reports.
The service, which will be operated by electronic payment company Euronet, comes with two pricing tiers, officials with Walmart say. Customers can transfer up to $50 for $4.50 and up to $900 for $9.50.
Walmart has been dipping its feet in the financial game for quite a few years, with a number of products.
The new service will compete with MoneyGram, who operates Walmart’s current money transfer service. It’s unclear what’s in store for the future of the contract between Walmart and MoneyGram.
Walmart also operates Walmart MoneyCenters where customers can cash checks for $3 at local stores and manage reloadable Walmart MoneyCards online.
Additionally, the company partnered with American Express to offer alternative debit and checking accounts called Bluebird. The accounts come with no minimum balance requirement and no monthly maintenance, activation or annual fees, and target customers who are fed up with increasing fees at traditional banks.