Wal-Mart To Offer Money-Transfer Service

Transcript

RENEE MONTAGNE, HOST:

NPR's business news starts with wiring from Wal-Mart.

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MONTAGNE: The giant retailer is taking another step into banking. The company says it's launching a money transfer service next week. It'll go head-to-head with Western Union and MoneyGram, in a market worth about $900 billion. But Wal-Mart says it will offer lower fees. Western Union and MoneyGram's stock both dropped on the news. Transcript provided by NPR, Copyright NPR.