PreCash, a US payment processor, has rolled out FlipMoney, a mobile wallet app for underbanked consumers.
Underbanked people without a bank account or credit card can carry out instant remote check deposits and perform free expedited bill payments with their smartphone, using FlipMoney, claims PreCash.
PreCash CEO Steve Taylor said "Until now, the current cadre of mobile payments and financial services apps largely ignore the needs of people without bank accounts and credit cards. Flip changes all of that by combining instant remote check deposit and free expedited bill payments in a single mobile wallet that works with a prepaid card."
The application is in test phase and the company will launch the system on a mass scale during this fall. It will be customized and branded for mobile carriers, prepaid program managers, money service businesses and other merchants.
While current remote check deposit systems take three to six days to process, using Flip a user can elect an instant check deposit option that typically makes funds available within minutes, the company said.
The application also provides faster bill payment transactions to over 10,000 billers, including utility, wireless, cable, Internet, auto loan and other service providers.
The application will first be made avilable for Android phones and later on the iPhone.
PreCash serves over three million consumers and acheives approximately $3bn in payments per annum.