PostCash spending $16 million to roll out cash-to-card service

PostCash, a global marketer of cash-to-debit card money transfer service provider, is to pump US$250,000 ($16.5 million) into its Jamaican operation for start-up by December.

The new remittance service, being offered through Capital and Credit Remittance Limited, will charge a flat US$9.99 for transfers, according to PostCash Country Manager Nnamdi Eguh.

"This flat rate will make it cheaper to wire money to Jamaica using PostCash, as unlike other remittance agencies we don't charge based on how much customers send," said Eguh.

cashing in

"We know that Jamaica is a big destination for remittances and that is why we are trying to cash in on this market."

Remittances flowing to Jamaica topped US$1.6 billion last year.

PostCash, a New York-based operation, is a partnership between IDT, a global telecommunications provider, and Inter-Governmental Philatelic Corporation, a provider of post office products and services in over 170 countries.

The service requires both the sender and receiver of funds to be a PostCash cardholder.

applications

Card applications can be done online or at post offices islandwide. The remittance service is to be available at 80 locations islandwide through the CCRL network.

PostCash claims to offer five minutes of free phone credit to customers after they have received their remittances, which may be used to call within and outside of Jamaica.

Unlike other money transfer services, however, it is only possible to send money to, and not from, Jamaica.

- Nicholas Wright

TAKEN FROM THE FINANCIAL GLEANER, FRIDAY, OCTOBER 6, 2006