MEXICO CITY, MEXICO, Dec. 18, 2017 (GLOBE NEWSWIRE) —
QPAGOS (OTCQB: QPAG), a U.S.-based provider of digital payment services for cash-based and unbanked consumers in Mexico, announced the launch of Mexico domestic money transfers in its growing kiosk-based electronic payment services platform.
In association with INSTANT PAY DE MEXICO SA DE CV (INPAMEX), with over 1,500 pay-out locations throughout Mexico, including over 300 locations of the well-known Chedraui supermarket chain, plus pharmacy and other retail chains, QPAGOS kiosks are now enabled to facilitate domestic cash-to-cash and cash-to-account money transfers.
Leveraging its over 1,500 international pay-out locations, INPAMEX’s domestic money transfer origination is now also available at QPAGOS over 700 kiosks throughout Mexico, expanding the ability of families to support each other with instantly available wire transfers to INPAMEX locations nationwide.
“We are very excited to be partnering with QPAGOS. We believe their self-service kiosks are ideal to help INPAMEX expand its national coverage. Intra-Mexico family transfers are growing fast in Mexico as family members relocate to take advantage of work opportunities elsewhere in the country,” said Luis René Gonzalez, Director General of INPAMEX. (CEMLA “Centro de Estudios Monetarios Latinoamericanos” estimated in 2012 a universe of over 12 million beneficiaries and a potential 6 million domestic transfers per month.)
Stated Gastón Pereira, CEO and President of QPAGOS: “Adding INPAMEX transfers to our expanding menu of over 150 payment services fits perfectly with our strategy to offer the Mexican consumer access to the basic electronic payments they need monthly. Sending money to a family member is a very welcomed addition to our platform. We look forward to a very successful relationship with INPAMEX.”
ABOUT INSTANT PAY DE MEXICO SA DE CV
INPAMEX, a Mexico pay out agent for most major US money transfer operators, is a growing non-bank regulated financial entity with a network of over 1,500 locations where international and domestic money transfers are paid out. https://www.inpamex.com.mx/
Mexico-based Q Pagos SAPI de CV, wholly-owned subsidiary QPAGOS (OTCQB: QPAG), offers cutting edge digital payment services for consumers and service providers in Mexico where 60% of the adult population does not have a bank account and where 95% of consumer purchase are made in cash. It operates a network of self-service kiosks and applications offering alternative payment more convenient for consumers and a more efficient billing platform for service providers. (www.qpagos.com )
SAFE HARBOR STATEMENT
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statement of historical fact contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect”, “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” or “will” or the or the negative of these terms or other comparable terminology and include statements regarding expanding INPAMEX’s national coverage through QPAGOS’ self-service kiosks. These forward-looking statements are based on management’s expectations and assumptions as of the date of the press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectation include, among others, our ability to help INPAMEX expand its national coverage by enabling the origination of domestic cash-to-cash and cash-to-account money transfers through QPAGOS’ self-service kiosks, our ability to generate revenue streams from user fees, service provider fees, franchisee fees, rental/management fees and advertising fees and the other risks outlined under “risk Factors” in QPAGOS’ Current Report on Form 8-K dated May 13, 2016 and its other filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law
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