RegaloCard, a Miami-based mobile-payments company, has added two retailers–Universo Cellular in El Salvador and Cemaco in Guatemala–to its mobile funds-transfer network.
Universo Cellular is mobile-phone retailer with locations in major shopping centers throughout El Salvador. Cemaco operates a department store chain with 10 Guatemalan locations that sells household goods, such as furniture and kitchen appliances.
Both companies are easily identifiable brands in each country and significant additions to RegaloCard’s network, Gregory Keough, chairman and CEO of RegaloCard, says in a statement.
RegaloCard’s system involves senders purchasing a prepaid gift card in the United States for a specific retailer. When the consumer buys the card, he tells the cashier the recipient’s name and cell-phone number, which the cashier enters into RegaloCard’s back-end system using software integrated into the point-of-sale system. The cashier then gives the sender a “unique code” that serves as a tracking number for the transaction.
The recipient receives a text message instantly that contains a redemption PIN so he can access and use the funds at the specified retailer. To complete a transaction, the cashier enters the recipient’s mobile-phone number into a dedicated terminal. The recipient then enters the PIN to pay for the purchase.
RegaloCard does not charge the sender or receiver of funds. Instead, it earns its revenue from a percentage of the funds loaded onto the cards for each participating retailer.
