Euronet sinks after Walmart launches global wire transfer service - InvestingChannel

Euronet sinks after Walmart launches global wire transfer service

Shares of Euronet Worldwide (EEFT) are moving lower after Walmart (WMT) this morning announced a new global money wiring service called Walmart2World. The retailing giant is teaming with MoneyGram (MGI) to launch the service in all of its 4,700 U.S. stores this month. “Wherever you are in the United States, and to wherever you are sending money, the new, low fees for Walmart2World are the same – $4 to send up to $50, $8 to send $51 to $1,000, and $16 to send $1,001 to $2,500,” the company noted. It added, “Compared to other international wire services that can take up to three days, Walmart2World will deliver funds in 10 minutes or less, whether the receiver opts to pick up the money at any one of MoneyGram’s agent locations in 200 countries, or an international bank or mobile wallet account.” Shares of Euronet, which specializes in money transfers, are down 5.5%, or $4.21, to $71.90 following the news. MoneyGram, on the other hand, is up 6% to $8.67.

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