Wal-Mart takes on money transfer companies with new service

Wal-Mart Stores Inc. is launching a money transfer service in a direct challenge to the dominance of Western Union Co. and MoneyGram, aiming to broaden the financial services it offers to low-income customers and increase store traffic, according to a Reuters report.

The service, dubbed Walmart-2-Walmart, would begin next week.

Wal-Mart claims the service will offer lower fees than competitors and allow shoppers to send and receive cash at more than 4,000 U.S. retail stores.

Read more from Reuters.