H&R Block Bank and Wipit partner to bring mobile payments to the underbanked

Underbanked opportunity

Financial services provider H&R Block is forming a strategic partnership with mobile payment company Wipit to bring mobile payment services to its clients (view press release). Through the new partnership, H&R Block Emerald Prepaid MasterCard clients will have access to a virtual wallet that they can use to make purchases from their smartphones.

Wipit’s mobile payment solutions are geared towards the underbanked, who also comprise a significant percentage of H&R Block’s customer base. Both parties can therefore cross brand and cross market their products and services seamlessly. By accepting Wipit as a method of payment on their mobile app, merchants can extend their products and services to the cash preferred.

Wipit CEO Richard Kang says “the underbanked consumer represents an entirely different market opportunity for merchants. We’re excited about the tremendous value we can jointly offer cash preferred consumers and the merchants who serve them.”

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