Walmart Has Now Saved Customers Over $2 Billion in Money Transfer Fees
October 05 2021 - 9:57AM
Business Wire
Company continues to drive down prices in the
money transfer market, creating more transparency and keeping more
money in customers’ wallets
Since beginning to offer its customers flat, low fee money
transfer services in 2014, Walmart is today announcing it has saved
its customers over $2.4 billion in fees. With so many of its
customers relying on Walmart for their financial needs, Walmart has
advocated on their behalf by working with providers to lower fees
and create transparency in pricing.
Walmart launched a low-cost and consumer-focused white label
money transfer service for transactions sent and received at
Walmart locations, known as Walmart2Walmart in 2014. At launch,
Walmart2Walmart offered transfer fees 50 percent lower than its
competition, inducing Walmart’s competitors to set lower fees.
Walmart has driven down prices and saved customers in the U.S. more
than an estimated $6 billion when one includes the approximately $4
billion resulting from the competitive impact outside of
Walmart.
“At Walmart, we have the opportunity to solve problems for our
customers. Staying true to Walmart’s Every Day Low Price
commitment, we’ve been able to make change in the financial
services industry for the better,” said Janey Whiteside, chief
customer officer, Walmart US. “We’ve enabled family members and
loved ones, those underrepresented customers that are un- and
under-banked, to move money to one another quickly for much lower
fees than ever before. The number of customers who benefited from
these decreased fees is even higher when you consider both sender
and receiver are our neighbors and Walmart shoppers.”
In 2019, the Federal Deposit Insurance Corporation (“FDIC”)
estimated that 7.1 million households in the United States were
unbanked.1 In 2017, 48.9 million adults were underbanked, meaning
they had a checking or savings account but used financial products
and services outside the banking system to meet their financial
needs.2
“Walmart is much more than simply a place where people shop.
We’re a company customers rely on for so much more, including their
financial needs. We’re committed to continuing to build out our
financial services offerings and create further financial inclusion
for customers,” added Whiteside.
About Walmart
Walmart 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, approximately
220 million customers and members visit approximately 10,500 stores
and clubs under 48 banners in 24 countries and eCommerce websites.
With fiscal year 2021 revenue of $559 billion, Walmart employs 2.2
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
corporate.walmart.com, on Facebook at facebook.com/walmart and on
Twitter at twitter.com/walmart.
1 FDIC, How America Banks: Household Use of Banking and
Financial Services (October 2020),
https://economicinclusion.gov/downloads/2019_FDIC_Unbanked_HH_Survey_ExecSumm.pdf.
2 FDIC, 2017 FDIC National Survey of Unbanked and Underbanked
Households (October 2018),
https://www.fdic.gov/analysis/household-survey/2017/2017report.pdf
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Molly Blakeman 1-800-331-0085 news.walmart.com/reporter
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