Wal-Mart takes on Western Union

NEW YORK — Wal-Mart boldly trumpeted its entry into the money transfer market, competing with established players like Interac, Western Union, and MoneyGram, the Associated Press reported. The Walmart-2-Walmart service will offer lower user fees than competitors, prompting drops in the value of Western Union and MoneyGram shares trading on Thursday. The move is likely to set off a pricing war as Wal-Mart continues to double down on efforts to increase foot traffic after four straight quarters of declining same-store sales.