Coinstar Money Transfer (CMT), a wholly-owned subsidiary of Coinstar, has expanded its services in China with China Construction Bank (CCB). CMT claims that its transfer services are now available in approximately 1,500 branches across 24 Chinese provinces.
CMT offers both cash pay-out service through CCB branches and direct bank deposit service to all the banks in China within the CMT system. The bank plans to expand for another 13 provinces with about 1,000 additional CCB branches.
Mohit Davar, CEO of Coinstar Money Transfer, said: “China has been a strong ‘receive’ market for a number of years and now with the strength of China’s import and export industry, the demand for sending funds out of the country is growing, thereby creating a good opportunity to expand our business in this region. We’re very happy to be working with CCB as a master agent in China and look forward to an ongoing and productive relationship with them.”
