Residents of the United States can now send money to Mexico and other countries from their local grocery stores with the Poni PIN card from American Cash Exchange, which is being offered as the first Point of Sale (POS) -based foreign money transfer product.
Poni PIN cards, like phone cards, are sold at grocery stores in pre-defined pesos amounts from 90 to 280 dollars. Recipients can withdraw the funds from ATMs in Mexico in pesos using previously obtained Poni Cash cards. The product originator, American Cash Exchange, claims to be the only non-bank, non-credit card firm authorizing withdrawals from over 19,000 ATMs in Mexico.
Poni PIN cards are already available at 100 retailers in the states of Las Vegas, Phoenix and Tucson, and do not charge any back-end fees, nor do users need a bank account required to transfer funds.
The cards are targeted at the 13.2 billion-dollar United States-to-Mexico remittance business. In Mexico, over 150,000 Poni Cash cards have been distributed to migrant communities in seven states. Users of Poni Cash cards need only give their names and addresses to receive a free card, but the Poni Card system supports advanced tracking and audit trails so as to comply with regulatory and money laundering issues.
For full information visit www.poni.mx. Also in English.