PayNearMe and iSend Simplify Gift Giving to Mexico

Innovative Partnership Enables Purchase at 7-Eleven of PIN Codes Redeemable at Leading Mexican Appliance and Electronics Retailer Elektra

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Mountain View, CA and Middlebury, CT (December 12, 2011) – PayNearMe, the cash transaction network, and iSend, a leading U.S. electronic payment service for people who support family members in other countries, today announced a partnership that will simplify international gift giving this holiday season. Working together, PayNearMe and iSend now enable consumers living in the United States to go to any one of the nation’s 6,400 participating 7-ElevenĀ® stores, where they can purchase and send PIN codes (“PINs”) to friends and family in Mexico that can be redeemed for gift cards at Elektra, a leading Mexican electronics and appliance retailer. The gift cards can be used to purchase merchandise in Elektra’s more than 1,000 stores throughout Mexico.

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To purchase PINs, consumers can clip out Elektra ads from U.S. publications, such as TVNotas or El Aviso, which contain PayNearMe barcodes, or they can download the ad online at paynearme.com/Elektra. Consumers take the ad to their local 7-Eleven store. There the cashier scans the barcode, which produces a unique PIN for the amount requested by the consumer. The customer then gets three minutes of free call time to Mexico to provide gift recipients the PIN. Recipients take their PINs to Elektra stores and redeem them for Elektra gift cards, which they can use to make in-store purchases. This is one of the most efficient and inexpensive ways for U.S. residents to help their friends and family across the border.

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“iSend’s groundbreaking international gift card program offers a creative, new way for people to send gifts to their loved ones in Mexico,” said David Kirtman, vice president of business development at iSend. “Through our partnership with PayNearMe, consumers can now simply walk into their local 7-Eleven store and purchase an Elektra PIN code for their relatives back home; cross-border holiday shopping has never been so easy or convenient.”

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PayNearMe’s innovative and powerful transaction platform enabled Elektra and iSend to begin offering their international gift card program through 7-Eleven quickly, without the need to invest a significant amount of time and money on a complex IT integration. iSend was able to easily incorporate PayNearMe’s technology into its platform to begin generating Elektra PINs and accepting payments at 7-Eleven locations seamlessly.

“Elektra PINs underscore how the PayNearMe platform enables a wide range of businesses to attract and retain customers without draining resources,” said Michael Kaplan, vice president of business development at PayNearMe. “Now businesses outside of the U.S. have a cost-effective way to facilitate purchases that is also convenient for consumers.”

About Elektra

Grupo Elektra is the leading financial services and specialty retailer in Latin America. Its market power is rooted in the nearly six decades of experience it has increasing the purchasing power and improving the quality of life of millions of families by giving them access to high quality products and services.

Key factors contributing to Grupo Elektra’s success include its extensive, sophisticated, and modern distribution network, cutting-edge technology, which supports the group’s sound administrative practices, and aggressive marketing campaigns. Grupo Elektra currently operates approximately 1,900 points of sale in eight countries in Latin America and plans to continue its expansion throughout the region. For more information visit www.grupoelektra.com.mx

About PayNearMe

PayNearMe is the cash transaction network that enables consumers to transfer money, repay loans, buy tickets, make online purchases and much more with cash. Consumers can conveniently make payments 24/7 in their own neighborhood in less than 60 seconds at any one of the 6,400 participating 7-ElevenĀ® stores across the United States. For more information, please visit www.paynearme.com.