RegaloCard readying its mobile gift card transfer service for US roll out

Global mobile payment company RegaloCard has announced that it has completed testing of its gift card transfer service across leading US retailers and is readying the service for a national roll out.

The company claims that it has created a new product category with “micro money transfers”, which allows consumers to send amounts as little as $10 to Latin American countries for free. RegaloCard differs from other mobile money transfer services like M-Via by focusing on moving retail services via gift cards, instead of standalone cash. The tradeoff is that the service is completely free, and not that different from purchasing a typical retail gift card.

After purchasing a RegaloCard at a participating retailer, you just need to scratch off the back of the card to reveal its PIN number, dial the 800 number shown on the card, and then input the phone number of the intended recipient. The recipient then receives a text message with the PIN, which they can bring to the retailer in their country to be redeemed as a gift card.

The company reports that many retailers have jumped on its mobile payment system during its US testing phase. Specific companies haven’t been named yet, but RegaloCard shows off Burger King and Papa John’s cards on its website. Since the payment system is gift-card driven, its success will be determined by how many retailers it can bring on.

We’ve previously reported that the Doral, FL-based RegaloCard had landed $7 million in first round funding from Dublin Ventures and Kinsail Corporation.