PRINCETON, N.J.--(BUSINESS WIRE)--Technological innovations in the financial services market are enabling new ways to make transactions faster, easier, and more accessible to end users. A clear beneficiary of such innovation is the market of international remittances, one of Mexico’s top-three sources of income.
While most improvements and advances have focused on the sending side, very few have improved ease of use for the beneficiaries of remittances. These improvements are particularly valuable in a country like Mexico, where over 60% of the Mexican population is still unbanked, and thus heavily reliant on cash. Solutions that reduce restrictions to accessing cash payouts are increasing in popularity, especially in rural or suburban areas, where families typically face greater challenges to access financial infrastructure or commerce.
Poni, a financial technology innovation company, and Ria Money Transfer, a leading global player in the international remittances market, have formed an alliance that provides beneficiaries with ubiquitous access to their cash through Poni’s zero-fee, ATM payout solution. In order to use this new product, beneficiaries only have to purchase and register a Poni Cash Card. This card becomes their key to access any of almost 50,000 ATMs throughout Mexico. Ria’s customers and their families can take advantage of this technology, affording them the convenience of picking up their cash, when and where they need it. Given Ria’s parent company Euronet Worldwide, which brings its 25-year history of owning and operating ATMs together with Euronet and Ria’s successful ATM payout product in Europe, the extension of a relationship with Poni to enable payout at the ATM in Mexico was a natural fit.
Juan Bianchi, CEO of Ria Money Transfer said: “For over 30 years, we have been innovative leaders in the industry, making the world a smaller place by reducing distances between families and their loved ones through world-class money transfers. We are one of the top-three global options for sending money, especially among the Hispanic community throughout the United States, where approximately 11.6 million Mexican immigrants reside, according to American Community Survey (ACS). Our partnership with Poni enables us to leverage their remittance payout technology which provides our customers’ beneficiaries the convenience of cashing out their remittances at any ATM in Mexico.”
Gricha Raether, Country Manager of Poni Mexico, said: “Our main goal is to bring to our clients an easier, more convenient way of accessing their money, especially for those families or beneficiaries hose livelihood heavily relies on family remittances. We are proud to offer this new option to the Hispanic community in the U.S. and their family members in Mexico; a solution that is transforming the industry: The Poni zero-fee ATM payout, a new way to use ATMs that doesn’t require that users already participate in traditional banking. Users can acquire the Poni Cash Card, which enables access to the ATMs, in over 6,000 retailers throughout Mexico, including Comex, Circle K, Super Q, Milano, among others, for a one-time fee of $10 Mexican pesos.”
Poni is financial 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 product of American Cash Exchange, Inc., a privately-held company located in Princeton, New Jersey. The company offers personal payment solutions for the international marketplace.
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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.
Ria, a subsidiary of Euronet Worldwide, Inc. (NASDAQ: EEFT), is a global leader in the remittance industry. The company is steadfast in its commitment to their clients and their communities, offering fast, secure and affordable money transfers through a network of over 377,000 locations spanning across 155 countries and online at www.riamoneytransfer.com
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