The next big thing in retail is the integration of FinTech and retail tech.
Walmart is expanding its flat-fee money transfer services to include an international money transfer marketplace serving all 4,700 U.S. Walmart stores.
In collaboration with its money transfer principals MoneyGram and Ria, Walmart will offer customers more choices for payout methods and locations as well as competitive foreign exchange rates.
Five years ago, Walmart began providing customers with a flat, low fee domestic money transfer service called Walmart2Walmart.
Last year, the retailer brought the same game-changing model to the global money transfer service market with the launch of Walmart2World.
Walmart estimates that customers who have used Walmart2Walmart and Walmart2World saved an estimated $1 billion in fees since 2014.
In the coming weeks, customers using Walmart2World will be able to choose either MoneyGram or Ria, when making an international money transfer. Through its marketplace, Walmart2World will offer customers even more choices for payout methods, more payout locations around the world, and more competitive foreign exchange rates, all at a transparent, flat, low-cost transfer fee.