RegaloCard, a global mobile payments company that has developed a free and instant replacement to costly money transfer services, announced today that they have entered into a distribution partnership with IDT (NYSE: IDT).
IDT is the largest national distributor of prepaid products to the US immigrant market. IDT will distribute RegaloCard's products through IDT's 155,000 retail points of sale nationwide. 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, directed to specific uses. The RegaloCard service works with any mobile phone and carrier worldwide and is as easy to use as a prepaid calling card.
IDT is a leading distributor of prepaid products to the US immigrant market with retail coverage in all 50 states and the District of Colombia. IDT reaches all retail segments, from small mom and pop stores to major national big box retailers. Tom Weekly, President of IDT Retail said, "RegaloCard is just a great product, and has made sending a micro money transfer as easy as purchasing a calling card. As IDT is the largest prepaid and calling card distributor in the US, the product fit makes a lot of sense. We sell millions of calling cards a month and consumers and our retail partners have already been asking us when RegaloCard will be available in their area. We believe we will see a very rapid growth of RegaloCard sales across our national retail footprint."
Gregory Keough Chairman and CEO of RegaloCard stated, "Almost all immigrants use calling cards to call their family back home. RegaloCard has now made sending micro money transfers, of as little as $10, not only profitable but as easy for the consumer to use as a calling card. RegaloCard's micro money transfer products can now instantly enter thousands of locations where traditional money transfer companies can't operate, making the service more convenient for consumers. RegaloCard has been inundated with requests from consumers and distributors alike for more retail locations where they can purchase RegaloCards and we believe this partnership with IDT willhh IDT will rapidly accelerate RegaloCard's growth and sales nationwide, making a RegaloCard as easy to purchase as a calling card."
With IDT joining RegaloCard as a national distribution partner, RegaloCard will be available in over 250,000 locations nationwide. Through partnerships with IDT and FBrands, RegaloCard provides almost three times the distribution footprint in the US of the top three traditional money transfer companies combined. RegaloCard will be announcing additional distribution partners in the US and Canada in the coming weeks.