America Voice, a prepaid telecommunications products provider, will buy 40% interest in a Guatemalan gift card and loyalty programs company Oh My Card (OMC).
An agreement to this effect was signed between the two companies.
The new partnership will allow customers in the US to electronically send their families gift cards that can be used specifically at any of OMC’s network of retailers in Guatemala, said America Voice.
In 2013, Guatemala received remittance income of $5.1bn, which is 9.5% of its GDP, making it the second largest recipient of remittances in Latin America, according to The Multilateral Investment Fund – a member of the Inter-American Development Bank.
Edwin Cortez, CEO of America Voice, said: "We want our customers to have a variety of options that allow them to stay in touch, as well as to provide financial support to their loved ones back home.
"With the variety of telecom products that America Voice and its affiliates provide, the addition of electronic international gift cards now allows us to achieve both of these objectives."
Francisco Contreras, CEO of Oh My Card, said: "We are excited to change the way Latin Americans support their families financially using leading edge technology and America Voice telecom products with a safe and effective service.
"Latin Americans will now be able to electronically send a supermarket or pharmacy gift card directly to their families’ cell phone just as easily and quickly as sending a mobile Top Up."