May Newsletter

Another uninteresting newsletter with no recent updates.

The partnership agreement, signed in February with one of Latin America’s largest telecommunications groups, allows consumers in North America the choice to use DigitalX’s AirPocket app to top-up and pay the mobile phone accounts of more than 100 million mobile subscribers in Latin America. DigitalX will receive an 11% commission, alongside standard rate fees, on the value of transfers that will range between US$2 and US$70.

So basically the above IS NOT a remittance service and it merely gives users the "option" to top up phone accounts for their relatives/families. It's not cold hard cash which I'm sure is what they really want to receive.

DigitalX also signed a Memorandum of Understanding (“MOU”) in February with one of Mexico’s leading payment providers, which, subject to the entry into formal documentation, will allow customers to use the AirPocket app to transfer money from the US to Mexico to be withdrawn in Mexican Pesos. The US-Mexico remittance corridor is one of the world’s largest and was estimated to be worth US$25 billion in 2014 by the World Bank.

This is the only sign that the product has progressed as a remittance platform however it's not moved past the MOU and the language ("subject to the entry into formal documentation") doesn't sound overly optimistic.

No wonder the SP is tanking. It doesn't appear as though they've actually made any progress towards securing AirPocket as a first mover in the remittance space.

This is looking less and less attractive as the days/weeks/months roll past.