Golden Crown—Money Transfer has summed up the first half of 2011
In the first six months of 2011, Golden Crown—Money Transfer system performed 6.9 million transactions between individuals transferring the amount of $3.15 billion. Turnover of the system during the above period was 2.6 times higher than the one for the last year, while the number of transactions increased by 180%. As of June 30, 2011 the number of the system’s service points exceeded 26,000.
In June 2011, the system won a silver Banking Business Award as The Breakthrough of the Year.
Increasing the accessibility of service
More than 60 banks became new partners of the system in the first six months of 2011, one third of them are based in the CIS countries. Additional 2,500 money transfer points were included in the client service infrastructure.
The biggest number of new banks (25) joined the system in the Central Federal District and in the Urals.
The system’s positions were significantly strengthened in Saint Petersburg and Leningrad Region. During the first half of 2011, the partner banks were actively joining the system in Southern Russia. A number of local banks became partners of the system in the North Caucasian Federal District.
Added to the system’s cash dispensing network in the CIS countries were 19 new partner banks from seven countries. The most dynamic growth of the infrastructure was observed in Uzbekistan and Azerbaijan. Also, new participants of the system appeared in Ukraine, Kyrgyzstan, Tajikistan, Moldova and Abkhazia.
Long-standing partners of the system in the CIS kept actively developing the service: the outgoing turnover was launched in the banks in Uzbekistan, Azerbaijan, Georgia and Ukraine. Sender Cards are now available at four new CIS banks.
Also, 109 outlets of Tekhnosila, a federal retail chain of home appliances, were connected to the Golden Crown—Money Transfer service.
Marketing resources for partners
At the end of the first half of 2011, the system announced the new tariffs for transfers within Russia. Now, one can transfer the sums of 50,000 rubles or higher across Russia at 1% charge.
‘The dynamics of connection of new partners to the system, continuous improvement of the service, and the transactions growth have allowed us to adjust, jointly with banks and retail chains, the tariff policy and to offer to our customers new favourable terms for sending money in summer, in several directions: to Azerbaijan, Armenia, Georgia, Moldova, Ukraine and within Russia,’ says Ivan Sitnov, the system Director.
In the first half of the year, a large scale advertising campaign began in 40 Russian cities. A separate area of the campaign, with radio, outdoor advertising and POS materials involved, deals with the transfers within Russia and to Armenia.
In the Urals cities, a number of ethno-style promotional events was organized. The events were timed to the diasporas’ festivities and based on the principle of authenticity: the promoters belonged to the target audience, and the advertising and promotional materials had national flavor.
In six months of the current year, 3.7 times more Sender Cards were issued than in the same period last year. As of June 30, 2011, the total number of the Sender Cards in Russia and CIS exceeded 4.2 million. ‘The potential of our card technology is very high,’ says Ivan Sitnov. ‘We have just started activating the product implementation in the CIS. In the first half of 2011, 1.8 million Sender Cards were issued in the CIS countries and Russia. We estimate the number of Sender Card users to exceed 6 million persons by the end of the year.’
‘In general, growth rate of the market of cross-border money transfers between individuals is much higher than last year. We estimate the increase for Russia-CIS transfer corridor to be 35%. Uzbekistan, Tajikistan and Ukraine are still the leaders by the amounts of money transferred in this direction. In the next six months the trend of the market growth will persist’, believes Ivan Sitnov. ‘At year-end 2011, the volume of the money transferred to former Soviet countries will exceed $16 billion.’