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 Business News | June 2008 
US-to-Mexico Remittance Card Offers ATM Cash
 ePaynews.com
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InComm, a U.S prepaid card processor, is marketing an instant cross-border remittance card that can be redeemed at Mexican ATMs. The card is being targeted at unbanked consumers in the U.S. and Mexico.
The Poni PIN card, which is sold in Mexican Peso (MXN) values, was developed by American Cash Exchange (ACE).
Under the terms of the agreement with ACE, Poni PIN cards will be exclusively processed and distributed throughout North America by InComm, which was acquired by U.S.-based card processor First Data in April 2008.
An individual living in the U.S. who buys a Poni PIN card, is able to instantly transfer money to Mexico, ACE spokesperson Debra Porter tells ePaynews.
According to Porter, there are no hidden fees charged to the recipient or the purchaser and no bank account or ATM card is required to transfer the funds. The cost of a Poni card includes a free call to Mexico that allows the purchaser to communicate the PIN that is needed for the recipient to retrieve the funds.
To get their money, the recipient in Mexico can either order a free Poni cash withdrawal card over the phone, or pick the card up at a local convenience store. The recipient uses their Poni cash card to withdraw remittances from any one of Mexico’s 26,000 ATMs.
The PIN printed on the front of the Poni PIN card can be used with any Poni cash withdrawal card, Porter says. “We have totally disassociated the cash withdrawal card from the PIN,” she says. “Other card-based remittance services require the recipient to be mailed a cash card.”
The Peso-denominated cards will be initially distributed with a MXN 2,000 (US$193) face value, although other denominations are planned. InComm’s prepaid card network consists of 145,000 retail locations across the U.S. where Poni cards can be distributed. |
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