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.”
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more