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PENNINGTON, N.J. -- Convenience chain Oxxo, a subsidiary of FEMSA, Mexico's largest beverage company in Latin America, will carry American Cash Exchange's Poni Cards at 4,360 locations throughout Mexico.
The Poni Card is an ATM card for the unbanked or underbanked Mexican population, which the American Cash Exchange estimates is approximately 85 percent of the population. The cards can be used at more than 26,000 ATM machines across the country to receive cash sent from the U.S. A Poni Card holder can receive cash upon entering a PIN purchased by the money sender in the U.S. The cards can be re-used, but PINs are single-use only and allow customers to receive up to US$280 or $3,000 pesos. PINs are immediately active upon purchase and there are no ATM fees for Poni Card users, as the ATM company absorbs any fees, according to American Cash Exchange CEO Don Licciardello.
"The Poni Card is an important addition to our core product lines and it improves the level of service provided to our customers in an integrated way. It allows them also to leverage the existence of ATMs in our stores. Customers can simply visit any Oxxo, pick up a Poni Card, receive their remittance and shop, all in one visit," said Asensio Carrion, category manager for prepaid, in-store services and entertainment. "We've been approached by many remittance companies, but Poni was the only money transfer option that made sense for our customers and stores."
A convenience fee will be charged to customers that purchase the Poni Card at Oxxo stores. Since 2004, the American Cash Exchange has sold nearly 1 million of the ATM cards in Mexico.