Dallas based multi-channel financial services (mFS) provider Mozido is bringing mobile payments to the un- and under-banked through the launch of its new mobile wallet, Genius. Mozido claims there are 2 billion unbanked people in the world who own mobile phones and will now be able to use the Genius Wallet to employ financial services. Within the US, 8% of the population is unbanked whilst 18% is under-banked, amounting to a total of 60 million people, reports Mozido. The Genius Wallet is compatible with retailers, financial institutions and mobile operators for carrying out customer services such as remittances, mobile top-ups and paying bills. Users will also be able to redeem loyalty rewards when making payments through the Genius Wallet interface which will also provide a platform for advertisers to connect with under banked customers.
Last December, Mozido partnered with MoneyGram to combine the former’s mobile wallet app with the latter’s remittance transfer services. The integration will enable to customers to send and receive remittances through the Genius Wallet app at 256,000 MoneyGram locations in 192 countries around the world.
Mozido’s CEO Greg Corona explains that the Genius wallet “brings every mobile phone user, including the unbanked, into a secure, convenient, and efficient financial ecosystem, empowering them to enjoy a broad range of banking and financial services using their mobile phone.”
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