Mexico's largest c-store to cater to unbanked

Mexico's largest c-store to cater to unbanked
Tags: Bank / Credit Union, Debit / Credit, Kiosks/Self-Service, Retail / Off-Premises, Transaction Processing, Underbanked / Unbanked
September 25, 2006

PENNINGTON, N.J. - Pennington, N.J.-based American Cash Exchange Inc. announced in a news release that OXXO, Mexico's largest convenience store chain, will carry ACE's Poni ATM cards at 4,360 locations in Mexico. OXXO is a subsidiary of Femsa, Latin America's largest beverage company, and the second-largest Coca Cola bottler worldwide.

The Poni ATM card, geared toward the unbanked Mexican marketplace, can be used to receive cash sent from the United States at more than 26,000 ATMs in Mexico. The cardholder can access the funds through a PIN purchased by the U.S. sender. The cards can be used repeatedly for values up to 3,000 pesos (U.S. $280).

ACE has distributed nearly 1 million of the ATM cards throughout Mexico since 2004.