PRINCETON, N.J.--(BUSINESS WIRE)--Money sending businesses have existed for more than 150 years, but until recently have changed little. In the last 20 years, leveraging the ubiquity and accessibility of the Internet and smartphones, advances have been made for family members who send money: more sending locations and agents, automation, even independence from agents and self-service - all for the benefit of the senders.
Today, a revolutionary advance is available to receivers of international remittances -- they can now receive their money at ANY ATM in Mexico, using a Poni Cash Card. This new payout option expands the number of locations where beneficiaries of remittances can get their cash, making the process more convenient by letting recipients decide where and when they cash out their money.
Poni’s new service will impact and benefit millions of families whose lives depend on remittances. According to Mexico’s National Bank, a record-breaking USD $33 billion in remittances were received from the USA in 2018, a 10% increase over 2017. Poni improves and streamlines the experience on the money-receiving side, especially in Mexico where 56% of the population is unbanked, affording them immediate access to their money at ANY ATM.
A Poni Cash Card works as the key to unlock the ATM network, so that all of the approximately 50,000 ATMs in Mexico can now pay out remittances without charging a fee to the receiver. All the receiver has to do is acquire the cash card for $10 pesos at one of over 6,000 locations in Mexico, and call a toll-free number to register the card. Once registered, the same card is used to receive any number of remittances, from any participating money-sending businesses.
Gricha Raether, Director of Poni in Mexico, said: “We are launching an exciting new payout option that will change the way family members in Mexico receive their money. No more lines. No more excuses about having run out of money. No more going out of your way to get your money during business hours. Poni is the only technology capable of opening more than 50,000 ATMs in Mexico for remittance payout. This gives beneficiaries the convenience of picking up their cash when and where they need it.”
Our partnerships with the leading U.S. money transmitters enables this revolutionary service. They can offer their clients cash payout at any ATM as a new option, providing a significant benefit for their loved ones. Companies like Barri, Dinex, and Ria have found Poni an important partner to further improve their customers’ experience and offer the only instant payout solution that works on any ATM.
An ambassador for the company, sports announcer Enrique “El Perro” Bermúdez, had this to say about the launch: “I’ve been to many world cups. I’ve seen great teams win many games and shoot the ball to the back of the net in the most artistic ways. However, I’ve never witnessed a score for money senders and receivers quite like Poni. Thanks to my job, I work very closely with the Mexican community in both Mexico and the United States. I am convinced that Poni will make a great difference in the lives of Mexicans living in the US and their family members in Mexico who rely on remittances for their daily needs, by giving them the power to decide when and where they receive their money."
Poni represents innovation in financial services technology that enables receivers in Mexico to get their money from United States remittances any time, at any ATM in the receiving country, without the need for a traditional bank account and without paying any ATM fees. Poni is a service offered by American Cash Exchange, Inc., a privately-held company located in Princeton, New Jersey. The company offers personal payment solutions for the international marketplace.
For more information please visit: www.poni.mx
Press kit: http://bit.ly/2KurnBl
The Poni Debit Card is associated with a low-risk depository account, issued by Ictineo Plataforma, S.A. of C.V. S.F.P. Poni does not raise funds from the public and does not perform money transmission activities. The sending of remittances is done through a money transmitter duly registered with the CNBV.