DALLAS and NEW YORK CITY - 7-Eleven, Inc. (NYSE: SE), the world's largest convenience retailer, today announced a five-year strategic alliance with Verizon (NYSE:VZ) for Verizon to offer a variety of telecommunications products and services via 7-Eleven stores' Vcom™ electronic kiosks.
Verizon joins American Express, Western Union and Certegy, formerly the payment services division of Equifax Inc., in the initial group of companies offering products and services for 7-Eleven's interactive, self-service Vcom device. A 94-store test is currently underway in Texas and Florida. Based on the results, 7-Eleven anticipates beginning a national rollout next year.
Vcom is 7-Eleven® stores' Web-enabled, integrated financial and other services kiosk that merges ATM capabilities with the flexibility of Internet-based applications and 24-hour, touch-screen convenience. The current capabilities of the kiosks include ATM transactions, Western Union® money orders and money transfers, and check cashing through Certegy Check ServicesSM, a division of Certegy Inc.
Under the agreement, Verizon will pay fees associated with the deployment of Vcom kiosks and, in return, will become the exclusive retailer of certain telecommunications products and services offered through Vcom kiosks. At the kiosks, 7-Eleven customers will access Verizon's e-commerce platform, Verizon.com, where they can order Verizon Long Distance, add a phone line or services like Caller ID, view or pay their bill, request repair and much more.
"7-Eleven is developing Vcom to provide consumers with around-the-clock access to products and services not traditionally found in convenient locations," said Jim Keyes, 7-Eleven, Inc. president and CEO. "Verizon's top-quality array of telecommunications products and services is a welcome addition to this innovative mix."
"The combination of these two great brands gives Verizon's customers even more convenient ways to do business with us," said Bruce Gordon, president-Retail Markets Group, Verizon. "Many of our products and services are designed for consumers with busy, on-the-go lifestyles, so this is a perfect way to serve consumers where they shop."
7-Eleven plans to expand the services of Vcom by exploring opportunities with other premier companies in their respective industries. Additional services could include walk-in bill payment, online banking, online shopping, pre-approved lines of credit, insurance, event ticketing, travel directions and road maps.
7-Eleven, Inc. is the premier name and largest chain in the convenience retailing industry. Headquartered in Dallas, Texas, 7-Eleven, Inc. operates or franchises approximately 5,800 7-Eleven® stores in the United States and Canada and licenses approximately 16,000 7-Eleven stores in 17 other countries and territories throughout the world. During 2000, 7-Eleven stores worldwide generated total sales of more than $29 billion. Find out more about 7-Eleven, Inc. on the World Wide Web at www.7-Eleven.com.
Verizon Communications Inc. (NYSE:VZ) is one of the world's leading providers of communications services. Verizon companies are the largest providers of wireline and wireless communications in the United States, with 125 million access line equivalents and more than 28 million wireless customers. Verizon is also the largest directory publisher in the world. A Fortune 10 company with about 260,000 employees and approximately $65 billion in annual revenues, Verizon's global presence extends to 40 countries in the Americas, Europe, Asia and the Pacific. Visit the company's Web site at www.verizon.com.