MoneyGram unveils money transfer service in Svyaznoy retail chain

MoneyGram International, Inc, a provider of payment services, has announced the launch of money transfer service in Svyaznoy retail chain.

By the end of 2012 MoneyGram service will be available in more than 3,300 locations of independent phone retailer across Russia. This news is the result of an expanding relationship with RNKO Payment Center.

MoneyGram and RNKO Payment Center have worked together since 2008 developing relationships with financial institutions across the Russian Federation. Currently, more than 20 Russian banks provide MoneyGram money transfer services as contractors of RNKO Payment Center.

Since 2010, MoneyGram has experienced growth in Russia due to the network expansion and launch of competitive fees. This agreement with Svyaznoy and RNKO Payment Center will increase MoneyGram's network to more than 15,000 locations and continue the company's growth momentum in Russia.

"Svyaznoy, the only independent mobile retailer in Russia, appreciates the perspectives opened up with the launch of this project," said Michael Touch, executive vice president of GC Svyaznoy.

"We are the first in our segment to offer demanded services in this fast-growing market with its great potential. We look forward to implementing this agreement with one of the leading money transfer service providers. I believe that the opportunity to transfer money overseas in any of 3,300 retail chain locations will be appreciated by our customers. The agreement also logically continues the strategy of Svyaznoy on diversification and expansion of services and service products."