![]() With Xoom’s introduction of domestic transfers, Americans can send money at affordable rates for cash pick-up quickly at 4,684 Walmart stores and 175 Ria locations across the United States. These underbanked consumers rely heavily on fringe financial service providers to conduct routine financial transactions and pay high fees in the process. face personal, institutional and policy-related barriers to access the financial system. “Our continued partnership is a fine example of how Ria's technology can serve as an enabler between platforms, offering consumers and partners an added layer of security and compliance screening, in turn facilitating value creation within the Fintech ecosystem." "At Ria, we are delighted to further consolidate our relationship with Xoom and Walmart," said Juan Bianchi, CEO of Euronet’s Money Transfer Segment. “This rollout reinforces our commitment to make money transfers fast, easy and affordable for everyone, whether they are at home or on-the-go.” already send money to loved ones in the country, and they usually prefer that the money is available right away,” shared Julian King, Xoom’s Vice President and General Manager. Using Xoom’s mobile app or website, consumers will have the ability to send money quickly and securely for cash pick-up at any Walmart or Ria-owned store in the U.S. With the introduction of domestic money transfer services, Xoom will now serve even more customers, including more than half of Americans who make domestic person-to-person (P2P) payments2. Xoom’s services potentially benefit more than 44 million foreign-born people in the U.S.1 who send remittances to family and friends in their home countries. The FTC vote to file the lawsuit was 3-2, with the three Democrats on the panel in favor and two Republicans opposed.Through strategic alliances with Walmart and Ria, Americans can now use Xoom to send money fast for cash pick-up typically in minutes at nearly 5,000 locations across the country*. The FTC said it was asking a court to order Walmart to return lost funds to consumers and pay civil penalties. "Claiming an unprecedented expansion of the FTC's authority, the agency seeks to blame Walmart for fraud that the agency already attributed to another company while that company was under the federal government’s direct supervision," Walmart added without naming the other company. Walmart said in a statement that it would fight what it called a "factually flawed and legally baseless" lawsuit. "Nevertheless, Walmart has continued processing fraud-induced money transfers at its stores - funding telemarketing and other scams - without adopting policies and practices that effectively detect and prevent these transfers," the complaint said. ![]() The complaint alleges that the retailer "is well aware" that fraudsters posing as everything from distressed grandchildren to government agents, or employing other known scams, had used Walmart's money transfer services to get cash to fraud rings. District Court for the Northern District of Illinois. "Consumers have reported tens of millions of dollars annually in fraud-induced money transfers processed by Walmart employees," the FTC said in a complaint filed in the U.S. Walmart, which offers some financial services, acts as an agent for money transfer services such as MoneyGram (MGI.O) and Western Union (WU.N).įor years, the FTC said, Walmart policy was to issue payouts even when fraud was suspected, and that the retailer failed to take other actions to prevent consumers from being defrauded. Federal Trade Commission said Tuesday it sued Walmart Inc (WMT.N), alleging the company had done too little to prevent scam artists from using its money transfer services for fraud that cost consumers "tens of millions of dollars annually."
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