RegaloCard (see MPW 142) says it has surpassed the number of Moneygram agent locations in El Salvador. The company claims to have invented a new product category – micro money transfer – allowing consumers to send as little as $10 instantly and free of charge. The sender can also control where and how it’s spent. The service works with any mobile phone and is claimed to be as easy to use as a prepaid calling card.
RegaloCard also claims that it earns many times the margin of usual money transfer companies because the risk is much less as it only deals with retailers within El Salvador for the moment.
Gregory Keough, chairman and CEO of RegaloCard, stated, ‘If you look at our in-country foot print there is essentially zero overlap with the traditional money transfer companies. We are really building a new market segment. We think this is great news for consumers.’