Wal-Mart Unveils Money Transfer Service Between Stores

Wal-Mart has unveiled a new store-to-store money transfer service launching later this month, aimed at helping its customers send cash to loved ones and directly competing with outfits like Western Union. The new service will also compete with Wal-Mart's current in-store money transfer service, operated by MoneyGram, fueling speculation over the future of its contract. "Walmart-2-Walmart" will be operated by Ria Financial Services, a subsidiary of electronic payments company Euronet. It'll allow shoppers to transfer money to and from 4,000 Wal-Mart stores nationwide for up to 50 percent less than competitors, according to research by the retailer.