Product: Poni PIN Card
Company: American Cash Exchange Inc.

The millions of people with no or limited banking services, known as the unbanked, make up a large portion of the U.S. population and are garnering increasing attention from the financial services community.

Included in services for the unbanked are money remittances, which are the transfer of funds by individuals in one country to their family in another country (e.g., remittances to Mexico from the United States). In 2004 Mexicans living in the United States remitted more than $13 billion back home.

For years the most common and sometimes only means of remittance has been through wire transfers, which are costly and not available once merchants offering this service close for the day. American Cash Exchange Inc. offers the Poni PIN Card, a less expensive solution than a wire transfer that is available 24/7.

The Poni PIN Card does not require either party to have a bank account. It allows the purchaser in the United States to buy pesos with dollars at a newspaper-published, interbank exchange rate. This is how it works: There are two components. One is generic card. Thousands of generic cards are continually being distributed for free throughout Mexican states with high populations of migrant families. The remitter in the United States purchases a second card in a 1000, 2000 or 3000 peso denomination. On the card is a PIN under a scratch-off. The card includes a free call to Mexico to relay the PIN to the person receiving the money. The person in Mexico then takes his generic card to an ATM and withdraws the money using that PIN. Any card can be used as long as the individual has the correct PIN. American Cash Exchange is the only nonbank, non-credit card company that can authorize withdrawals on the Mexican ATM network. Remitters do not need to complete any forms or ID. American Cash Exchange has partnered with Q Comm International for distribution of Poni PIN Cards to Q Comm's merchants.

American Cash Exchange Inc.
877-411-4112
www.ponicard.com