InComm To Distribute Card That Sends Funds To Mexico
InComm Inc., a stored-value card marketer, announced an agreement this week with American Cash Exchange Inc., a payments-products company, to distribute American's Poni card, a product enables Mexican immigrants to send funds to Mexico. The deal calls for InComm to distribute and process the cards in North America. Atlanta-based InComm plans to begin distributing the card in Texas during the fourth quarter, Jennifer Boutwell, an InComm spokesperson, tells CardLine in an e-mail message. Although sold in the United States, the cards have a face value of 2000 pesos (about US$192.66). The companies plan to offer other denominations, according to the press release. The card costs $10, plus foreign exchange, Boutwell says in her e-mail. The cards also come with a code that lets purchasers make a free call to Mexico so they can give fund recipients a code to withdraw the money using a Poni card from any one of 26,000 ATMs in Mexico, the release says. In her e-mail message, Boutwell notes that consumers who want to receive funds using a Poni card can buy their own card in stores in Mexico what equates to about 50 cents, so immigrants in the United States do not need to mail a card home. The cards purchased in Mexico work with any purchased PIN, Boutwell writes. Consumers can pick up funds transferred using the Poni card on the same day, and the purchase fee covers all ATM fees so the recipients get all the funds on the card, Boutwell writes. American Cash Exchange Inc. is based in Pennington, N.J.