WikiLoan launches private-label prepaid debit card for WikiPay users

Prepaid debit card services

The card is being launched 1st March and offers prepaid debit card services to users of the WikiPay platform, WikiLoan’s cash-based mobile payment and marketing solution (view press release). The new solution comes as a result of a strategic partnership between WikiPay and TAC Financial, agreed before WikiPay merged with WikiLoan, to develop a branded prepaid card that users could use for direct deposit, mobility services, bill payment and health and wellness services. The card will not be available to users of the WikiLoan platform or to be used for lending activity.

Edward DeFeudis, WikiLoan president explains that “there is still a disconnect between users and the “mobile wallet” concept. Today, consumers understand that there is cash value on a plastic card, but they are not quite convinced there is cash value on a mobile phone. We decided the best way to mitigate the disconnect was to link a prepaid card to the WikiPay platform. That way, consumers could instantly transfer their WikiPay balance from their phone to their linked prepaid card, giving them peace of mind.”  

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