PreCash to launch m-wallet for the underbanked


PreCash, a payments and transaction processing company, is launching a mobile wallet, which allows users to deposit and withdraw money from PreCash prepaid card account in real time, according to American Banker. The solution, dubbed FlipMoney, will not focus on rewards or making wireless payments at the POS, but will concentrate on getting money into and out of a PreCash prepaid card account in real-time.

FlipMoney will offer instant mobile check deposit and instant bill payment, features that matter a lot more to the underbanked than to the banked, PreCash claims. Such as those living paycheque to paycheque, who need to transfer those funds to their billers immediately.

For instant cheque deposits, the company plans to charge USD1 plus 1% of the deposit amount for a payroll or government cheque and USD1 plus 3% of the amount for personal cheques. There is also a standard-speed option for a flat USD3 fee per item. PreCash does not plan to charge for expedited bill-payment.

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