DALLAS -- 7-Eleven Inc. has forged a deal with Visa USA to introduce Visa ReadyLink, Visa's prepaid load network, to the retailer's U.S. convenience stores. 7-Eleven will work with its Visa member acquiring financial institution to implement the service.
This service will allow consumers to add funds to eligible Visa reloadable prepaid cards at the nearly 5,350 stores that 7-Eleven operates and franchises in the contiguous United States.
Visa ReadyLink also enables Visa and its member financial institutions to further meet the [image-nocss] needs of underserved consumers. According to Visa estimates, there are approximately 80 million underserved consumers in the United Statesthose who lack access to a payment card or are without a traditional banking relationship. This consumer segment receives approximately $1 trillion in annual income and relies heavily on cash for everyday transactions, according to San Francisco-based Visa USA.
And Visa ReadyLink adds a significant enhancement to the VisaNet infrastructure, the company said, using VisaNet's scope, efficiency and reliability along with standardized settlement processes and timing.
Implementation of the service will help to support continued adoption of prepaid products while enabling merchants to increase traffic to retail locations and drive customer loyalty.
Visa's agreement with 7-Eleven significantly extends the national footprint of Visa ReadyLink, which means greater access, value and convenience for cardholders who desire a better alternative to cash and checks, said Todd Brockman, senior vice president of prepaid products, Visa USA. Visa ReadyLink offers a critical infrastructure to respond to a direct need in the marketplace, while enabling merchant partners and member financial institutions to maximize the potential of prepaid products.
Robbie Radant, Dallas-based 7-Eleven's director of payment acceptance, said, The ability to load funds onto Visa reloadable prepaid cards at any of our stores makes 7-Eleven even more relevant to our customers' daily life.
While direct deposit is the primary method many cardholders use to fund Visa reloadable prepaid cards, Visa research shows consumers also want the flexibility to add funds to their cards at everyday shopping locations, such as supermarkets, drugstores and convenience stores. Cardholders will be able to load funds onto participating Visa reloadable prepaid cards at 7-Eleven stores later this year.
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