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Retail Technology, Retail technology News

RegaloCard secures $7m for US mobile payments service

Tuesday January 5 2010

Innovative business model and free and instant alternative to expensive money transfer services continues to gain traction across the pond  

Innovative business model and free and instant alternative to expensive money transfer services continues to gain traction across the pond

 

RegaloCard, www.RegaloCard.com, a mobile payments company that has developed a free and instant alternative to costly money transfers has announced that it had closed a $7 million (4.34m) round of financing from Dublin Ventures and Kinsail Corporation.

 

Under stealth development since 2007, RegaloCard is a prepaid gift card that can be bought in the US, but whose PIN to redeem the gift card is delivered instantly via mobile technology to a nominated person in Latin America, to make purchases at leading local retailers.

 

RegaloCard is fast and easy to use, according to the company. Consumers merely choose the gift card they wish to send from the leading brands in their home country, and provide the name and mobile number of the recipient. Using the latest mobile payment technology, the recipient in Latin America instantly receives a RegaloCard PIN, which they can use to make purchases at any of the retailers locations same as cash.

 

Mobile micro-payment service proves popular

 

The RegaloCard service works with all mobile handsets and all carriers worldwide and is delivered instantly 24 hours a day 365 days a year, so recipients no longer have to go the bank or only receive gifts from their family members during banking hours. RegaloCards are available from the well-known retail brands in country allowing consumers to choose from brands they know and love and have grown up with in their home country.

 

RegaloCard has received strong reviews from consumers and distributors alike as the RegaloCard service is absolutely free, consumers purchase a RegaloCard for $100 and their family receives $100, with no additional charges, commissions, or hidden costs. Customers can send as little as $10, which was impossible before with traditional money transfer services due to high commission rates. And the person who sends the RegaloCard is assured that the money is spent on the things they want as they chose the retailer where the RegaloCard PIN can be redeemed.

 

RegaloCard is currently available at test market locations in the US, and is planned for roll out in the coming months at thousands of retail locations across the country through a group of major US distributors, which have agreed to distribute RegaloCard nationwide. RegaloCard, while initially focusing on the US Hispanic market, also said it plans to expand the service to other regions in the near future that have a large number of immigrants residing in the US.