Check Cashing Industry
The electronic money transfer service is new to Canada Post. The new service will enable Canada Post to penetrate a market that has been growing at a double-digit rate annually. New and existing customers will be able to take advantage of MoneyGram's extensive network around the world at an affordable price. This also will represent the largest chain of electronic transfer services by any provider within Canada. "Speed and value are important to consumers at Canada Post," said Phil Milne, Travelers Express/MoneyGram's chief executive officer. "We are excited to be Canada Post's top choice. MoneyGram is pleased to partner with Canada Post to provide Canadian consumers with the best value electronic money transfer service throughout that vast country." Vice President of Sales and Global Marketing Ann Doelling added, "With the strong customer service component we have operating in MoneyGram's home office here in Colorado, we are confident that we will deliver superior service to our expanded Canadian customer base and our new partner. The 'Canada Post' brand is the most recognized name in Canada and we want to continue to enhance its reputation for value and service." "Joining MoneyGram's extensive network of agents presents a great opportunity for Canada Post," said Lynn Palmer, general manager, Retail Business Development. "This service will compliment our Postal Money Order Service since it offers an electronic alternative to consumers. It fits perfectly with Canada Post's strategy to lever the retail network and provide additional value and convenience to Canadians." MoneyGram, which has more than 55,000 agents in 150 countries, is a subsidiary of Travelers Express Company, Inc. (www.temgweb.com). Travelers Express is known as a leader in the payment services industry, providing services to both the retail and financial institution markets. It is a subsidiary of Phoenix-based Viad Corp (NYSE:VVI). Canada Post serves over 30 million Canadians at some 13 million addresses and nearly 1 million Canadian businesses. Incorporated in 1981, the company employs more than 56,000 people and offers customers 7,000 postal outlets and the largest retail network in Canada. In 2000/2001, its revenues were $5.9B (Canadian). The address of Canada Post's Web site is www.canadapost.ca. # # #
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