Wal-Mart Will Offer Money Transfer Service
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Wal-Mart Stores Inc. plans to offer money transfers from its 2,760 U.S. stores as it tries to attract shoppers with added services.
The world’s biggest retailer will offer Viad Corp.’s MoneyGram Payment Systems service between the U.S. and 150 countries by mid-May, the company said. The Bentonville, Ark.-based company has allowed customers of its Mexican stores to receive money transfers for two years.
Wal-Mart is testing new concepts, such as leasing space near its Houston stores to a used-car dealer, to bring in more customers. It’s also in talks with Toronto-Dominion Bank, Canada’s second-largest bank, to open branches in U.S. stores.
Wal-Mart shares closed down $1.20 to $55.80, and shares of Viad, based in Phoenix, rose 39 cents to $30.56--both on the NYSE.
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