New Wal-Mart money service rattles payments sector

|About: Wal-Mart Stores, Inc. (WMT)|By:, SA News Editor

Wal-Mart (WMT +0.2%) announces the launch of Walmart-2-Walmart Money Transfer Service at more than 4K of its stores in the U.S. The company is partnering with Euronet (EEFT +4.2%) on the initiative.

The money transfer service is significantly cheaper than alternatives, according to Wal-Mart.

Sector watch: Shares of Western Union (WU -5.8%), Xoom (XOOM -2.7%), Green Dot (GDOT -1.8%), and Moneygram (MGI -15.4%) are getting smacked around a little bit off the development.