SAN BRUNO, Calif. — Nexxo Financial Corp. says California consumers have deposited more than $200 million dollars into Nexxo's patent-pending money transfer Cajeros self-service systems.
According to a news release, transactions on Nexxo's base of more than 100 Cajero terminals in California recently passed 60,000 transactions per month, and realized growth in excess of 200 percent in 2008. The Cajero terminal is an ATM-like machine that allows users to send money to Mexico, Central America and South America by following the prompts and then inserting the cash they want to send.
Nexxo also has expanded its footprint through partnerships with financial-services companies via its turnkey remittance program. The Nexxo solution is now available on more than 500 financial kiosks throughout California, Texas and Arizona, and is expected to soon surpass 1,000 kiosks.
The company's latest expansion efforts include the acquisition of an international remittance company that operated retail branch locations in Los Angeles, as well as a partnership with a bill-payment processor TIO Networks Corp. for deployments tat Circle K and ExxonMobil convenience-store chains in Arizona and Texas. Nexxo and TIO partnered in December.
"The remittance industry has been poised for a modern change from the traditional, cumbersome retail model," said David Alvarez, Nexxo Financial chief executive. "Our approach has quickly caught on because it is a money-transfer solution that better meets the needs of today's consumers."
Global remittances to Latin America and the Caribbean increased by 3 percent in 2008 and is not expected to decline, according to the Inter-American Dialogue.
"These people are here precisely to support a transnational household," said Manuel Orozco, senior associate and director of remittances and development at the IAD. "Your primary obligation is to your family, and you meet that obligation by not spending money on superfluous activities."
