Consumer Payment Card News

Future Banking

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The bank of the future may carry milk, bread, and coffee as well as cash checks, issue payment cards and offer ATM services. The world’s largest convenience store chain is introducing a web-enabled, integrated financial services kiosk that merges the capabilities of an American Express ATM with the benefits of the Internet. Initially, 7-Eleven’s V.com project will provide conventional ATM services as well as money orders, money transfers and check cashing. In the future, 7-Eleven anticipates that customers will be able to have touch-screen access to services such as bill payment, deposit capability, event ticketing, travel directions and road maps. Last month, 7-Eleven signed a seven-year exclusive agreement with Western Union Financial Services and Integrated Payment Systems for money transfer and money order services. Last week, 7-Eleven signed an agreement for American Express to be the primary provider of ATM services for 7-Eleven’s V.com financial services kiosks. AmEx, which currently provides ATM services for about 90% of 7-Eleven’s 5,300 stores in the USA, will now provide ATM services on V.com in all the areas where the AmEx holds 7-Eleven ATM contracts. Late last year, American Express signed a pact with 7-Eleven to offer a reloadable, prepaid gift card and an Internet shopping card. For more information visit www.7-eleven.com.

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