MoneyGram International (NYSE: MGI) and 7-Eleven announced today the launch of an all new self-service money transfer kiosk from Cullinan Consulting Group that will make it faster, easier and more convenient for consumers in Australia to send money any time of the day or night.
MoneyGram's service, which will be offered through this first-of-its-kind kiosk, is rolling out in 7-Eleven's Australian convenience stores in approximately 400 stores across the states of Victoria, New South Wales and Queensland, tripling MoneyGram's network in Australia by early next year.
"We are excited to work with a global brand such as 7-Eleven to offer our money transfer services. The agreement with 7-Eleven is an important step in MoneyGram's growth and the kiosk approach not only helps our customers but reinforces MoneyGram's commitment for services and innovation," said Nigel Lee, executive vice president of Europe, Middle East, Africa and Asia Pacific for MoneyGram. "Reliability, speed and convenience are not only the core of our value proposition but are important considerations for money transfer consumers. Aligning ourselves with 7-Eleven will expand our reach, making the MoneyGram service accessible to customers 24-hours a day."
"Introducing MoneyGram service in our stores helps us expand our offerings of convenience to our customers," said Warren Wilmot, chief executive officer of 7-Eleven. "We believe money transfer customers will be delighted with the innovative 7-Eleven way of conducting money transfers. It's a simple, fast and more convenient for consumers. This is the first time MoneyGram has been available 24/7 in the eastern states of Australia."
7-Eleven and MoneyGram worked with Cullinan Consulting Group to develop this innovative money transfer kiosk system for Australia. The technology uses an electronic touch screen kiosk and cloud computing infrastructure to provide an improved customer experience mitigating lines and long transaction times traditionally associated with money transfer services at banking institutions.
"The kiosk facilitates a smooth consumer experience for 7-Eleven and Customers," said Philip Course, chief executive officer of Cullinan Consulting Group. "The kiosk allows customers to complete their part of the money transfer on the screen which supports English or seven other languages. The pilots conducted in nine Victorian stores have shown that consumers like the process and come back to use the kiosk to conduct money transfers."
There is strong need for reliable money transfer services in Australia. According to the World Bank, people in Australia sent over $3 billion dollars in remittances to developing countries in 2009. There are over five million immigrants in Australia, which is approximately 25 percent of the total population. The top corridors for outbound remittances are India, China, Philippines, Vietnam, Lebanon, Bangladesh, Sri Lanka, Pakistan and Thailand.