QPAGOS Expands Cash2Digital Kiosk Trial With Major Mexico Bank After Successful First Phase
Expansion to Hundreds of Locations Intended Upon Successful Completion of Next Phase
MEXICO CITY, MEXICO -- (Marketwired) -- 09/06/16 -- 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 a trial with a major Mexico commercial bank after an initial phase that exceeded expectations in transaction volume.
The objective of the trial was to assess the potential for QPAGOS kiosks to reduce the bank branches' teller lines, generate additional revenue and expand loan installment payment options beyond physical bank locations.
The initial phase consisted of 8 kiosk installations in Mexico City, which experienced an above average number of transactions. Some kiosks attained over 2,000 monthly transactions with over $12,000 in monthly revenue each.
Extensive surveys showed high customer acceptance and the need for coin change to be delivered from the kiosk subsequent to a customer payment.
Starting September 6th the new phase will expand the number of kiosk locations and will test kiosks with new coin changers.
QPAGOS expects that upon the successful completion of this next phase, it will roll out kiosks to several hundred of the bank's over 1,200 locations.
"The market acceptance of QPAGOS kiosk services by bank customers as demonstrated by transaction volume has exceeded our and our partner's expectations," commented CEO Gaston Pereira. "The plan now is to improve the customer experience with change making functions and, upon success, expand to a commercial scale installation."
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 over 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
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 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 improve the customer experience with change making functions and, upon success, expand to a commercial scale installation. 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, failure of the expanded trial results to be as favorable as the initial results, 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 September 6, 2016