QPAGOS Expands Cash2Digital Kiosks into Mexico City's vast Metro System
Mexico City's METRO is considered among the 8th largest in the World
MEXICO CITY, MEXICO -- (Marketwired) -- 01/27/17 -- QPAGOS Corp. (OTCQB: QPAG), a U.S.-based provider of digital payment services for cash-based and unbanked consumers in Mexico, today announced the expansion of its network of self-service kiosks into Mexico City's Metro System, formally known as Sistema de Transporte Colectivo (STC).
With 12 lines covering 226 Km., and over 180 stations Mexico City's Metro System carries over 1.6 billion passengers per year, or an average of over 4 million per day, and is considered among the world's eighth largest.
Pursuant to permits issued by STC to QPAGOS' wholly owned subsidiary REDPAG Electrónicos, SAPI de CV, three kiosks were installed today in Observatorio station. Observatorio is one of Metro's busiest stations with average daily passengers of 77,205, as per STC data of 2016.
Metro passengers, in addition to topping up their mobile phones in an expedient and secure manner, will now also be able to make multiple payments in Qpagos' kiosks, including bill payments for utilities, municipal payments to the City of Mexico and other States, and several others payments such as CableTV subscriptions.
"Our expansion into the vast Metro System is something we have been anticipating with enthusiasm as we are eager to bring payment services closer to the consumer and allow them to make their service payments in the locations they visit most frequently," commented CEO Gaston Pereira. "The plan is to expand into the other stations as we continue to secure these permits from the STC."
U.S based QPAGOS delivers state-of-the-art digital payment services to consumers and service providers in Mexico where 60% of the adult population does not have a bank account and where 80% of personal payments are made in cash. It operates a network of self service kiosks and applications that provides more convenient payment alternatives for consumers and more efficient billing for service providers. www.qpagos.com
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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 case, 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 plans to expand nationwide, generate revenue streams and become a leader in the electronic bill payments market in Mexico. 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 continue to grow and execute our business plan, 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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Released January 27, 2017