Wipit Rolls Out New Mobile Wallet Technology
Brings omnichannel payment options to cash-preferred consumers
Published in CSP Daily News
PASADENA, Calif. -- Mobile payments company Wipit Inc. has developed new omnichannel payment technology designed to allow in-app barcode payments at retail point of sale. This technology compliments Wipit's existing network branded general-purpose-reloadable (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 unbanked and underbanked, it said.
"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, the company said, 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 near-field communication (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."
Pasadena, Calif.-based Wipit has partnered with Sprint, a leading wireless service provider, to launch the co-branded Boost Mobile Wallet and Sprint Money Express mobile wallet service. Wipit has commercial partnerships with and has been invested in by Euronet Worldwide, H&R Block and Core Innovation Capital.