Shares of Euronet Worldwide (EEFT) are under pressure after Walmart (WMT) announced that it is teaming up with MoneyGram (MGI) to launch a new global money wiring service called Walmart2World. Commenting on the news, DA Davidson analyst Peter Heckmann believes the new service should not have any material impact on Euronet’s pricing. However, his peer at William Blair told investors that the new service arguably adds a little more uncertainty to the Euronet story. WALMART2WORLD: MoneyGram and Walmart announced the launch of Walmart2World, Powered by MoneyGram, a new money transfer service that allows customers to send money from Walmart in the U.S. to any MoneyGram location in 200 countries. The companies also renewed their long-term agreement to offer all MoneyGram products and services at Walmart for two more years. “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,” Walmart said. 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.” NO MATERIAL IMPACT TO EURONET PRICING: Commenting on Walmart’s announcement, DA Davidson’s Heckmann noted that the new pricing for Walmart2World appears to be set fairly close to Euronet’s offerings and he does not anticipate any material impact to Euronet’s pricing or volumes as a result of the service. The market seems to be interpreting that any win for MoneyGram is a direct loss for Euronet, but he does not see it as “quite that black and white.” The analyst, who still thinks there are a number of opportunities for Euronet to expand its relationship with Walmart over time, also believes Euronet would still be interested in a deal to buy MoneyGram, though any deal may be structured and priced differently than its prior bid. Heckmann reiterated a Buy rating on Euronet shares. UNCERTAINTY TO EURONET STORY: In a research note of his own, William Blair analyst Christopher Shutler told investors that since MoneyGram has been available in Walmart stores for years, he views this as a re-branding of an existing service, but with new pricing and in some cases maybe faster transfer times. While Shutler is not sure if Euronet formally bid on this business, the biggest issue he sees for the latter’s stock is that this agreement shows a willingness on MoneyGram’s part to play ball with Walmart on white-labeled products. The new MoneyGram-Walmart deal has an initial term of two years, commencing March 30, 2018, while last spring Euronet renewed its U.S. Walmart2Walmart agreement for three years, the analyst pointed out, adding that this means that in March 2020, all white-label Walmart business could be up for grabs. Overall, Shutler believes the news arguably adds a little more uncertainty to the Euronet story. PRICE ACTION: In afternoon trading, shares of Euronet have dropped almost 6% to $71.64, while MoneyGram’s stock has gained over 3% to $8.43. Meanwhile, shares of Walmart have advanced more than 1% to $86.62.