RegaloCard, a global mobile payments company that has developed a free and instant replacement to costly money transfer services announced today the completion of its US retail test phase.
RegaloCard, through its proprietary mobile payments platform and unique business model, has created a new product category the "micro money transfer" allowing consumers to send instantly and for free as little as $10, controlling where and how its spent, while earning many times the margin of traditional money transfer companies. The RegaloCard service works with any mobile phone and carrier worldwide and is as easy to use as a prepaid calling card.
John Jackson, CEO of Telmaxx, one of RegaloCards initial distributors said, "I think RegaloCard is one of the most unique things to happen to the money transfer and prepaid business in the last twenty years. What Gregory Keough and the team at RegaloCard have done is invent a new product category which we call the micro money transfer. The RegaloCard service is free, instant, and directed, which consumers obviously love; stores by offering the service can make more money through the RegaloCard service then through traditional money transfer services, so there is a clear benefit to all in the value chain to adopt the RegaloCard service and model."
One interesting addition for RegaloCards national roll out is the ability for consumers to send RegaloCards using any phone. With RegaloCards new IVR system, clients simply scratch off a pin on the back of the card, dial the 800#, and input the pin and mobile number of the recipient. Instantly the RegaloCard is activated and the recipient in the immigrants home country receives an SMS message on their mobile phone with their RegaloCard pin to make purchases at leading local retailers same as cash.
Gregory Keough, CEO of RegaloCard stated, "RegaloCard through our mobile payments technology and unique business model has made micro money transfers for as little as $10 profitable, something that was impossible previously. With our new phone activation RegaloCard functions just like a calling card, which truly allows for mass distribution."
During the trial phase RegaloCard also experienced rapid expansion of in country merchants joining the RegaloCard mobile payments network. One benefit consumers found was RegaloCards in country locations tend to be locations not used by typical money transfer companies. Most in country merchants don't want to provide money transfer services due to the small margins and security threat of handling large amounts of cash, something not an issue for merchants of the RegaloCard mobile payments network. RegaloCard recipients like the fact that merchant members tend to be more user friendly, greater in number, and open more hours than traditional money transfer company locations.
RegaloCard will be announcing shortly additional details about the national US roll out of its unique micro money transfer service and the participation of leading money transfer and prepaid distribution partners in the RegaloCard US retail network.