The provider of payment services MoneyGram International, Inc. in early December began providing money transfer services through the Svyaznoy retail chain. At the conclusion of 2012, the MoneyGram service was expected to be available in over 3,300 venues of the independent mobile retailer in Russia. The ease of MoneyGram’s penetration of the Russian market is the product of the company’s partnership with RNKO Payment Center. As such, RNKO Payment Center worked together with MoneyGram starting from 2008 in cultivating connections with various banking establishments within Russia. As of this day, the number of Russian banks offering the MoneyGram transfer service under RNKO Payment Center contracts exceeds 20. From 2010, MoneyGram has seen its presence in Russia grow as a consequence of the company’s network expansion, as well as the introduction of competitive fees for money transfer services.

The company’s contracts with Svyaznoy and the RNKO Payment Center are expected to increase the MoneyGram’s network in Russia to over 15,000 locations. In his comments, executive vice president of Svyaznoy Michael Touch said that his company understands the vast opportunities coming with the launch of the MoneyGram payment service at its retail stores.  According to Mr. Touch, Svyaznoy is the first company in the mobile retail market sector that is offering the service of money transfers. In this regard, Svyaznoy is pleased to start working with a reputable company like MoneyGram. Additionally, Mr. Touch expressed confidence that the company’s customers will find it particularly convenient to have an opportunity for transferring money out of Russia at any point in Svyaznoy’s three-thousand-store strong retail chain. Aside from the sheer economics of the project, Mr. Touch also cited the contribution of the new relationship to the diversification of Svyaznoy’s activities.