Users of Walmart’s ecosystem in Mexico will have a better day today! The giant of e-commerce has announced new fees for its payment system in the country. The giant is making it cheaper for customers in Mexico to send/receive money. As per the company’s announcement, customers can now send money from any Walmart store in the United States to any Walmart store in Mexico. It will cost as little as $2.50 per transaction. It needs to be done through the Walmart2Walmart money transfer program. The platform now stands as one of the cheapest offerings for the country. It’s at least 50 percent lower than the big majority.
The company states that the new “game-changing” low fee is a big milestone for them. It’s also a show of its commitment to the country. Walmart’s goal is to provide inclusive and affordable financial solutions for its users. Walmart has been working hard to include households that rely on services like wire transfers for everyday money management.
“We will offer Walmart shoppers a convenient way to send money to their loved ones in Mexico at an incredibly low price. Our low-fee strategy demonstrates our commitment to continue improving the financial well-being of our customers around the world.”
– Julia Unger, vice president, Walmart Financial Services
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Interestingly, the new change is a major step for the company since the debut of Walmart2Walmart. The service started to operate with money transfers between the United States and Mexico in 2018. However, it was halted in 2018. Walmart needed that time to invest money to lower the prices. Furthermore, the “extra time” was sued to boost the infrastructure and power the new service. The re-launch in the country, will allow customers to engage in the comçany’s large network of stores to send money quickly, inexpensively, and seamlessly. It’s perfect timing, as cross-border payments are growing in the country.
“We will collaborate with Walmart on this exceptional service, which provides customers price benefits and easier access to fast, safe and guaranteed money transfers to Mexico,” said Juan Bianchi, CEO of Euronet’s Money Transfer Segment. “Thanks to Ria’s scalable capabilities, coupled with Walmart’s large footprint, we can help Walmart offer unrivaled value and convenience to Mexicans living in the U.S. and their families back home in Mexico.”
As Walmart clearly expects, we’re pretty sure that the new fees will be quite attractive for customers in Mexico and in the United States. The company has the potential to establish a leading service between these two countries. Time will tell. It may even excel PayPal in the number of users, at least in Mexico. In related news, the popular digital wallet has ceased its operations in Russia following the growing sanctions against the country. Another giant of e-commerce is even providing deep support to its Ukrainian customers.