Various companies and business are looking to make a name for themselves in the money transfer industry. Mainstream solutions such as MoneyGram are quite convenient to send funds all over the world, but their fees are rather high. While Bitcoin seems to be an obvious contender in this industry, Walmart has their own service to send money between locations. In fact, this Walmart 2 Walmart option has been getting a bit of attention from LocalBitcoins users.
Also read: CEO of Cryptsy Claims Massive Bitcoin Heist Crippled his Exchange Walmart 2 Walmart Takes on MoneyGram
TheMerkle_Money Transfer Walmart 2 Walmart It would be a bit of a stretch to say Walmart 2 Walmart and MoneyGram are direct competitors in the money transfer industry, although their business models are fairly similar. MoneyGram made a name for itself as being a convenient way to send and receive money all over the world, similar to how Western Union operates.
But at the same time, services like MoneyGram will not make it cheaper to send funds abroad, as they still rely on an archaic financial system of banks and other intermediaries. In fact, when it comes to sending money abroad, very few people will have used MoneyGram in the past, although it remains unclear as to why this would be the case.
Bitcoin is an obvious threat to both MoneyGram, Western Union, and any other competitor in the money transfer industry. With its very low fees and near real-time transfers, Bitcoin has taken the remittance world by storm, although the sector still needs to mature in the coming years. Not everybody in the world has an internet connection, and solutions have to be found to get Bitcoin into the hands of as many people as possible.
Surprisingly enough, major retailer Walmart has built up their […]
