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Walmart launches Western Union-style cash transfer service

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Walmart has announced plans for an in-house cash transfer service called Walmart2Walmart, launching April 24th at more than 4000 Walmart locations across the country. Focusing on cash transfers under $1,000, the service aims to undercut competitors like Western Union on prices while shoring up the retail giant's core businesses. The rates vary as low as ten percent depending on the size of the transfer, still well above online competitors like Venmo and Square Cash. (Anyone willing to trade in bitcoin can still transfer free of charge.) Reuters notes that Western Union shares declined several percent after the announcement.