Shares of MoneyGram (NASDAQ: MGI ) and Western Union (NYSE: WU ) fell today, after Wal-Mart (NYSE: WMT ) announced that it would be getting into the business of money transfers, and significantly undercutting the competition on price. For comparison, Wal-Mart will charge $9.50 for a $900 transfer, while the competitors charge nearly eight times that amount, according to the Wall Street Journal.
In this segment from Thursday's Where the Money Is, host Alison Southwick and Motley Fool analyst Matt Koppenheffer take a look at the money transfer business, and just how big of a blow to the competition this move by Wal-Mart really is.
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