RegaloCard, a money transfer company that uses a unique combination of prepaid cards to allow users to send funds to recipients in Latin America, announced that they have more Agents in El Salvador than Western Union.
El Salvador is the first country of operation that RegaloCard has targeted. According to a press release, RegaloCard has 365 Agent locations in El Salvador (apparently more than Western Union).
RegaloCard allows consumers to utilize a micro money transfer system, sending funds instantly and free in amounts as low as $5. The system allows consumers to control where and how the funds are spent. The RegaloCard service works with any mobile phone and carrier worldwide and is as easy to use as a prepaid calling card.
In the press release, Gregory Keough, Chairman and CEO of RegaloCard stated,
One of the interesting things is that not only is the RegaloCard technology and business model approach very different than that of traditional money transfer companies, but if you look at our in country foot print there is essentially zero overlap with the traditional money transfer companies as we are really building a new market segment the micro money transfer. We think this is great news for consumers as it means consumers can now not only instantly send their families the things they need back home for free with RegaloCard but they can also use many more locations then were previously available under the traditional money transfer model. This is a real win for consumers.
Read the full press release here.