What's more important to a consumer without a bank account: a mobile wallet that stores loyalty credentials, or check deposit? Answer: check deposit."Current mobile check solutions can take up to six days before somebody gets their money," says Steve Taylor, PreCash CEO. "That does not work for someone living from paycheck to paycheck. They need their money immediately."
FlipMoney will offer instant mobile check deposit and instant bill payment, features that Taylor says matter a lot more to the underbanked than to the banked.
With FlipMoney, for the first time, people without a bank account or credit card can do instant remote check deposits and perform free expedited bill payments with their smart phone.
FlipMoney combines instant remote check deposit and free expedited bill payments in a single mobile wallet that works with a prepaid card.
Flip is currently being field tested. Large scale deployment will begin this fall, the company says.
For instant check deposits, PreCash plans to charge $1 plus one percent of the deposit amount for a payroll or government check and $1 plus three percent of the amount for personal checks.
There is also a standard-speed option for a flat $3 fee per item. PreCash does not plan to charge for expedited bill-payment.
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