Wal-Mart Offering Money Transfers Sends Western Union Lower

Wal-Mart Stores Inc.’s plan to start a money transfer business sent shares of Western Union Co. and other services lower on the threat of competition from the world’s largest retailer.

Walmart-2-Walmart Money Transfer Service will let customers transfer money to and from more than 4,000 stores in the U.S., the Bentonville, Arkansas-based retailer said today in a statement. The announcement pushed shares of Western Union lower by as much as 9 percent while MoneyGram International Inc. sank 21 percent.