Remittance solutions, like all financial products, are continuously subject to innovation and technology advancements that improve the experience of their users. While many efforts have focused on improving the money sending process, few have done so for the receiving side.
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Enrique Bermúdez, Mexican sports narrator, presents Poni’s exclusive zero fee ATM remittance payout. (Photo: Business Wire)
Poni and Barri have joined forces to change this, offering a new option for international remittances focusing entirely on money receivers in Mexico. This innovative solution offers zero-fee, instant ATM remittance payout. Money receivers only need to purchase and register a Poni Cash Card with a simple phone call in order to benefit from more than 50,000 ATMs throughout Mexico, enabling them to decide when and where they want their cash.
This is great news, specifically for Mexico, where close to 60% of the population is unbanked, and existing payout locations are often in unsafe or remote areas and often present challenges such as long lines or lack of cash at the payout agent store.
Poni’s new ATM payout technology will revolutionize the remittance market, which is why the company is partnering with Barri, one of the most emblematic and recognizable financial groups in the U.S. Barri has assisted the Hispanic community since 1984, where they began serving the financial needs of a small Mexican population in Houston. Alberto Laureano, CEO of Barri Financial said: “As former Chairman of the Money Services Business Association, I understand the importance of partners in this industry. By integrating Poni’s new high-tech payout solution to our platform, we are able to offer our users immediate, ubiquitous access to their money. Poni, and our new partnership, brings to our customers a unique solution that enables the families of our customers the opportunity to pick up their money from more than 50,000 ATMs throughout Mexico.”
Gricha Raether Palma Country Manager of Poni Mexico said: “Poni developed this technology to help receivers of remittances in Mexico to easily withdraw their money when and where it suits them best, by using only a Poni Cash Card that works at any ATM. The Poni Cash Card is readily available for purchase (at a cost of $10 Mexican Pesos, or approx. $0.50 US) at more than 6,000 retail locations throughout Mexico. The card works like a key that ‘turns on’ and enables access to any ATM.”
The addition of zero-fee ATM payout is revolutionizing the remittances industry and affording one of the most vulnerable sectors of the population easier, more flexible access to their money. This option eliminates many of the challenges they face when receiving their money in traditional payout agent store locations.
Poni is financial technology that enables receivers 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.
Barri Financial Group (BFG), headquartered in Houston, Texas, has been a provider of non-banking financial services of superior value directed at the fast-growing US Hispanic population for over 35 years. BFG operates company stores and third party agents, and it is continuously expanding. BFG, through its subsidiaries Barri Money Services (BMS) and Hispanic Loan Company (HLC), offer a comprehensive product portfolio including money transfer, check cashing, consumer loans, bill payment, money orders, prepaid services, insurance services, and others.
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