7-Eleven Partners With m-Via on Boom Mobile Bank Account

Members can load, withdraw, spend money at 75,000 locations in U.S., Mexico

Published in CSP Daily News

PALO ALTO, Calif. -- With partners including 7-Eleven, m-Via has launched the Boom mobile money service, which eliminates the need for traditional cash services. Boom members can use their mobile phone to make money transfers of any size from $5 to $1,000, as well as make purchases and withdrawals at participating Boom Merchants and Boom ATMs. m-Via has built a partner network for Boom where members can load money, withdraw money and make purchases from their Boom accounts.

Boom launch partners include 7-Eleven Inc. (powered by PayNearMe Inc., Mountain View, Calif.), the Allpoint ATM Network, the Diconsa retail network in Mexico and PayXchange. Through these partners, Boom members have access to more than 15,000 U.S. cash load locations, 23,000 Boom merchants in Mexico and more than 150,000 Boom ATMs in the United States and Mexico, and another 650,000 ATMs in more than 150 countries.

"The beauty of m-Via's solution is that while it is complex behind the curtain, it's incredibly simple for consumers to use," said Jesus Delgado-Jenkins, 7-Eleven's senior vice president of merchandising, marketing and logistics.

"Traditional money transfer services are unsafe, expensive and inconvenient for recipients who have to travel to pick up money," said Bill Barhydt, m-Via CEO. "Our core consumer is a hard-working immigrant who sends money home to support their extended family. They are the last person who should be forced to pay exorbitant fees for money transfer services. Boom is a breakthrough service that addresses these problems by leveraging new mobile and banking technologies, and a massive agent and ATM network, combined with a consumer experience that is simple, secure and even fun."

In 2011 m-Via, together with the U.S. State Department, co-founded the International Diaspora Engagement Alliance (IdEA) to engage Diaspora (immigrant) communities in the United States. Founded in 2008, m-Via is based in Palo Alto, Calif.

Boom accounts are issued by CBW Bank.

7-Eleven, based in Dallas, operates, franchises or licenses nearly 8,900 stores in North America. Globally, there are approximately 43,500 7-Eleven stores in 16 countries. During 2010, 7-Eleven stores worldwide generated total sales of approximately $63 billion.

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financial