Worlds First Published ATM PIN

Thursday 19 May 2005 16:42 CET | News

American Cash Exchange, has published an ATM PIN. This first communal PIN was provided to customers during a Mothers Day promotion for the Companys innovative money transfer product - the Poni PIN Card.

The ATM network and unique Poni technology make possible this unique marketing capability. Free published PINs, such as the 100 Peso Mothers Day gift PIN, yield immediate usage awards. Poni PIN Cards enable international remitters living in the United States to purchase and instantly transfer cash to Mexico. The recipient uses a Poni Cash Card to withdraw Peso transfers from over 20,000 ATM machines in Mexico. Launched last year, Poni Card is gaining significant traction through the use of such promotional PINs. Poni PIN Card transfers are sold in neighborhood grocery stores just like phone cards. Instead of purchasing minutes, customers buy pre-determined peso amounts. This innovative productization of the remittance industry eliminates the need for agent networks in the transfer process, both in the U.S. and in Mexico. Poni is also the first international transfer product to offer a newspaper published, interbank exchange rate. Poni PIN Cards are sold in 500, 1000, 2000 and 3000 pesos values (approx. $50-$300 USD). There are no hidden exchange rate mark-ups or back-end fees charged to the recipient. No bank account is required to transfer the funds. The Poni Card also includes a free call to Mexico to communicate the Poni PIN, a number found under a scratch-off. Unlike agent-based remittance services with limited business hours, a Poni Cash Card and a Poni PIN are all that is needed to transfer the funds, 24 hours a day, 7 days a week, 365 days a year. By cutting out intermediary agents, Poni guarantees the complete peso transfer. Currently one million Poni Cash Cards are in migrant communities throughout every state in Mexico. Poni Cash Cards permit these families access to the Mexican ATM network to withdraw their money. American Cash Exchange, Inc. is the only non-bank, non-credit card company authorizing withdrawals from the Mexican ATM network. Poni PIN Cards are currently sold in Las Vegas, Phoenix, Tucson and Chicago and will soon be available in California, New Jersey, New York and Texas.

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Categories: Payments & Commerce | Payments General
Countries: World
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