TIO Networks to launch cloud based wallet for underbanked

Financial services for the unbanked

The bill payment processor is launching the TIO wallet, a cloud based wallet designed to provide financial services to the 60 million or so underbanked people living in the US (view press release). The service will initially target the 17 million Americans without access to standard financial services such as a bank account and low cost loans, but will also benefit the 43 million Americans who have a bank account but rely on pricey financial service providers for credit and basic transactions.

Consumers will be able to load cash onto their wallets through TIO’s retail network of self-service automated kiosks and over the counter locations. Once loaded, users carry out wallet services such as bill payments and checking transaction history through a TIO smartphone or web app. Wallet users who demonstrate a pattern of financial stability will eventually be able to apply for loans and traditional financial services that the underbanked aren’t normally eligible for.

TIO aims to roll out the wallet to more than 1 million consumers by the end of the year. The first phase of the wallet, TIO MobilePay, a mobile payment application, is due to be launched in spring.

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