This technology compliments Wipit’s existing network branded GPR card, in-app services, and e-commerce payment options from a prepaid cash mobile wallet.
Currently, Wipit’s mobile wallet consumers can load accounts by adding cash at retail locations, setting up direct deposit, or using Quick Check, the company’s instant remote mobile check deposit service. They can access these funds to pay for financial service transactions in Wipit’s mobile wallet apps or swipe a network branded GPR card for payments and ATM withdrawals. Now these consumers will also be able to use their mobile wallet funds to make retail POS or web payments.
The company’s payment service is aimed at mobile consumers that are un-banked and underbanked, a market segment that includes 28% of all US households, according to the FDIC1. "Wipit believes very strongly in financial enablement for those whose needs are not met by traditional banking and payment services," Wipit CEO Richard Kang said. "Omni-payments is a natural extension of our mobile wallet and will allow merchants to provide more options and better payment experiences to their customers."
Wipit’s new retail POS payment capability offers a next-generation solution for merchants across many different industry verticals, including: retail stores, transit operators, fast food restaurants, and gas stations. Online retailers, gaming companies and mobile e-commerce services can also leverage Wipit’s e-commerce payment capabilities to reach consumers who may not have access to digital payments.
Merchants benefit from the ability to accept payments that do not incur traditional interchange fees, allowing for greater cost savings per transaction. Additionally, merchant loyalty programs can be coupled with Wipit payments for a complete approach to the customer experience.
The technology is flexible, allowing merchants to decide how to best implement it for their own unique needs. POS payment functionality, for example, can be implemented using a variety of different technologies, including in-app barcodes, closed-loop payment cards, or NFC.
"Omni-payment capability is the next step in the evolution of cash mobile payments," said Kang. "We can design an end-to-end solution for merchants: mobile wallet functionality, a nationwide network of cash reload locations, integrated loyalty programs, and flexible payment technology that allows a variety of payment experiences. Wipit is focused not only on bringing the latest in payment technology to un-banked and underbanked consumers, but also helping to drive future innovation for them as well."
