MEXICO CITY, MEXICO--(Marketwired - Jun 23, 2016) - QPAGOS Corp. (OTCQB: QPAG), a U.S.-based provider of digital payment services for cash-based and unbanked consumers in Mexico, today announced the public trading of its stock on the OTCQB marketplace under ticker symbol QPAG.
60% of Mexico's adults in a population of 120 million have no checking or savings accounts and no access to banking services. As a result, 95% of all consumer purchases are made in cash. (Reporte Nacional de Inclusión Financiera 2016)
Consumers in Mexico seeking to make payments to utilities, mobile operators, airlines and other service providers must now spend time in long lines at retailers and banks to pay in person, requiring service providers to hire tellers or cashiers. Rural customer have even fewer convenient options.
QPAGOS is solving this problem with its proprietary network of self service kiosks, point-of-sale terminals and mobile apps that allow consumers to deposit cash and easily pay bills, add mobile minutes, purchase transportation tickets, shop online, pay taxes, pay insurance premiums, transfer funds to friends, pay credit installments plus a host of other services.
Over 150 service providers can be paid through the QPAGOS network including every mobile network like TELCEL and MOVISTAR, cable operators like SKY and DISH Network, national housing lender Infonavit, and government bureaus like State of Queretaro, State of Mexico, and Mexico City.
The Company currently operates or services 700 self-service kiosks in Mexico convenience stores, transportation hubs, retail stores, airport terminals, education centers, major urban shopping malls and many small, rural towns.
It also recently launched its mobile app with many of the same services as the kiosks, so now smartphone users can make payments conveniently from their phones by uploading cash at QPAGOS' kiosks.
The proprietary platform is new and unique in Mexico yet proven in the U.S., Russia, Eastern Europe, Asia and South America, at over 300,000 points of sale.
QPAGOS' primary source of revenue is percentage fees received from service providers like mobile operators for collecting billing payments from consumers. Further revenue is generated from kiosk sales, user fees, service provider fees, franchise fees, rental/maintenance fees from distributors, and advertising.
QPAGOS' first focus has been on Mexico's robust mobile phone sector, with over 107 million mobile subscribers, 88% of which are under prepaid plans. In 2014, PwC Telecom, estimated its prepaid cell phone revenue annual market to be over $12 billion. (PwC Overview of the Telecommunications Sector in Mexico)
The company has 33 full time engineering, sales and administrative staff at its operations facility in Mexico City.
"The Mexico self-service consumer electronic payments market is virtually wide open, with only a few small regional kiosk providers, and has been energized by the growing use of smart mobile devices," commented Gaston Pereira, CEO and chairman. "We intend to lead this vast and growing electronic bill payments market."
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 95% of consumer purchases 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 to develop a nationwide proprietary network of self service kiosks, point-of-sale terminals and mobile apps in Mexico, generate revenue streams from user fees, service provider fees, franchise fees, rental/maintenance fees from distributors, and advertising fees generated at kiosks 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 expectations 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, franchise 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.