News

Poni launches cash card for money receivers in Mexico

June 7, 2019

People in Mexico may now receive remittance payments from any ATM in Mexico using a cash card from Poni, a service offered by American Cash Exchange Inc., a privately held company located in Princeton, New Jersey. The payout option expands the number of locations where beneficiaries of remittances can get their cash, according to a company press release.

"We are launching an exciting new payout option that will change the way family members in Mexico receive their money,” Gricha Raether, director of Poni in Mexico, said in the release.."No more lines. No more excuses about having run out of money. No more going out of your way to get your money during business hours. Poni is the only technology capable of opening more than 50,000 ATMs in Mexico for remittance payout. This gives beneficiaries the convenience of picking up their cash when and where they need it."

According to Mexico's National Bank, USD $33 billion in remittances were received from the USA in 2018, a 10% increase over 2017. Poni improves and streamlines the experience on the money-receiving side, especially in Mexico where 56% of the population is unbanked, affording them immediate access to their money at any ATM, Raether said.

How it works
After acquiring a  cash card for $10 pesos at one of over 6,000 locations in Mexico, users call a toll-free number to register the card. Once registered, the same card is used to receive remittances from any participating money-sending businesses, according to the release.