PRINCETON, N.J.--(BUSINESS WIRE)--The US-to-Mexico remittance market is now greatly expanding with an innovative and revolutionary option for all Mexican beneficiaries of remittances sent from the U.S., significantly improving the receiving experience by adding a new strategic partnership.
Poni and Comex - a PPG brand - entered a partnership to offer Poni Cash Cards throughout their network of over 4,500 stores and concessionaires. This partnership expands the locations where remittance beneficiaries can find their Poni Cash Cards, giving the convenience of zero-fee ATM remittance payout to existing and potential customers of Comex.
Poni, and the technological innovations it brings to the market, represents a great advance for international remittances initially focusing on receivers in Mexico, especially the 56% of the population that is currently unbanked. Receivers often face challenges when trying to cash out their money, including unsafe or remote areas for existing payout agents, long lines, and even lack of cash availability at the payout agent store.
Gricha Raether Palma, Country Manager of Poni Mexico, noted, “We are proud to offer the zero-fee ATM remittance payout solution to the remittance receivers in Mexico. Remittance beneficiaries only need to purchase a Poni Cash Card for $10 pesos from any Comex store and register it with a simple phone call in order to use any of the more than 50,000 ATMs throughout Mexico. This way they decide when and where to get their cash. The partnership with Comex enables us to offer the Poni Cash Card, a critical ingredient to this innovation, in more than 4,500 Comex stores in strategic urban and rural areas where receivers typically live.”
Fernando Rubín, Retail Director of Comex, emphasized, “Our priority is to offer the best buying experience for the millions of people who visit our Comex stores every year. This partnership with Poni enables us to increase benefits and accessibility for our customers.”
The signing of this agreement represents a watershed for the remittance market, especially in a country like Mexico where 56% of the population is unbanked, a situation that enables Comex to offer their customers the Poni Cash Card for Poni’s zero-fee ATM remittance payout, the most innovative solution for an easy and very flexible access to cashing out remittance funds, particularly in rural or semi urban zones through the vast national ATM network.
The addition of zero-fee ATM payout will revolutionize the remittance industry and will become a preferred option in cashing out money in the coming years, as it affords one of the most vulnerable sectors of the population an easier, more flexible way to access their money. Companies in or out of the traditional financial marketplace have a very important opportunity to strengthen their product portfolio by offering their clients permanent, first-class access to the ubiquitous banking infrastructure.
Poni is financial technology by American Cash Exchange, Inc., a company located in Princeton, New Jersey. Poni allows beneficiaries to cash out their remittances at any time, from any ATM, without the need of a traditional bank account and without having to pay a fee at the ATM. This innovative service is initially only available for transfers from the USA to Mexico.
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.
Comex, together we protect and beautify life
Comex is a PPG brand, has more than 4,500 stores in Mexico and is a leader in the manufacture, marketing and distribution of decorative paints, textures, waterproofing, wood care products, industrial coatings and accessories (Éxito). Comex consolidates its leadership with a constant trend in innovation, expansion in different regions, as well as important operations in Central America.
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