TIO Networks is one of the nation’s leading bill payment processors. The company recently announced that it will launch TIO Wallet, a cloud-based wallet platform that is specifically customized to assist over 60 million Americans who do not have proper access to reliable financial products. TIO Wallet confirmed that it will offer cash preferred customers a tool that will act as a centralized hub for their personal financial activities.
In a release, Hamed Shahbazi, chairman and CEO of TIO Networks said "Finally, a wallet designed from the ground up to meet the evolving needs of the underbanked consumer. The vast majority of TIO's $1 billion worth of transactions per year, support the underbanked marketplace. We know what is important to this customer and are proud to serve them."
Customers who opt for TIO Wallet will be able to send cash into their personal Wallet account by leveraging TIO's strong retail network of self-service automated kiosks as well as over-the-counter locations. They will not have to worry about any security concerns as the Wallet offers a safe and reliable way for cash uploads. After uploading their cash, customers will be able to use TIO smartphone or web apps to take care of last minute bill payments, check their bill paying history or conduct other Wallet services.
Arjan Schutte, senior advisor for the Center for Financial Services Innovation said "TIO's transition from transactions to accounts will have a profound impact on their customer base. It maintains the same ease of use customers enjoy today, but allows for a migration to the financial mainstream, including a greater range of lower cost products that will help upward mobility."
TIO Wallet will initially look to assist the 17 million Americans who have no access to bank accounts or the option to go in for low-cost loans. The Wallet platform will also look to help an additional 43 million Americans who have a bank account, but are forced to depend on expensive financial service providers who make them pay extra for basic transactions and credit.
Edited by Juliana Kenny