May 13th, 2014 by Elma Jane
Walmart US, says: After listening to customers complain about the high fees and confusion associated with transferring money, we knew there had to be a solution. Walmart-2-Walmart brings new competition and transparent, everyday low prices to a market that has become complicated and costly for customers.
Walmart is taking on Western Union and MoneyGram through the launch of a low-fee store-to-store money transfer service. The retail giant has teamed up with Euronet Worldwide subsidiary Ria on the Walmart-2-Walmart service, which will enable customers to transfer money to and from more than 4000 stores when it launches next week. The partners say that their service is far cheaper than rivals, with just two pricing tiers: customers pay $4.50 for transferring up to $50 and $9.50 for sending up to $900. Walmart argues that its service will particularly benefit the tens of millions of America’s underbanked. The retailer has long had its sights on this market, teaming up with American Express in 2012 to launch Bluebird, a mobile-heavy alternative to bank debit and current accounts.
Posted in Best Practices for Merchants, Financial Services Tagged with: accounts, American Express, bank, bank debit, current accounts, customers, debit, Euronet, fees, low-fee, low-fee store-to-store money transfer service, market, mobile, money transfer, MoneyGram, retailer, store-to-store, walmart, western union
September 20th, 2013 by Elma Jane
U.S. Bank integrates to simplify mobile money transfers with Western Union
U.S. Bank has offered Western Union Money Transfer services since 2009, but now customers can do so via mobile. According to U.S. Bank, it is the first bank in the United States to integrate the Western Union Money Transfer services into its mobile app.
U.S. Bank is collaborating with Western Union to let U.S. Bank customers use the Western Union Money Transfer services via the U.S. Bank mobile application. “Adding Western Union enhances overall digital money movement strategy.”
“Primary goal is to make it easier for customers to send money on any device to anyone across the country or around the world.” Giving customers the most convenient banking experience by delivering and allowing customers to bank anywhere and anytime they want.
Money transfer
In order to qualify for the new service, customers must have been a customer of U.S. Bank for at least a year and have a registered mobile phone and eligible deposit account. Western Union Money Transfer services let consumers conveniently pay other consumers via mobile or desktop.
Eligible U.S. Bank mobile banking customers will now see the Western Union logo in the person-to-person money transfer options. Online banking customers will see Western Union as a funds transfer option.
U.S. Bank decided to offer the new service to make moving money as convenient as possible for its customers. Customers will be able to send money around the world from the comfort of their own home.
When consumers receive a payment through the Western Union services, they can be paid in cash and use it immediately.
Mobile banking
U.S. Bank has rolled out a number of mobile initiatives in the past few years.
In July, U.S. Bank integrated with the Square digital wallet, enabling users to fund payments made via the mobile application from their bank account.
Earlier this year, U.S. Bank even offered customers the ability to pay via NFC by providing a customized U.S. Bank Go Mobile iPhone case equipped with NFC technology.
The bank also rolled out mobile photo bill pay services last year to let customers pay their bills by simply snapping a picture of the document using the camera on a smartphone or tablet.
“As device ubiquity grows, as people become more comfortable using their phones for all their banking activities, a lot of new ways to leverage a phone’s capabilities to make banking easier for customers, customers expect their bank to offer a full rich set of money management and movement capabilities on their phones, tablets and laptops.”
Posted in Digital Wallet Privacy, Electronic Payments, Mobile Payments Tagged with: banking, mobile, money, nfc, payment, transfers, U.S. Bank, US Bank, western union
