e-wallets for the underbanked
Provider of remote deposit capture solutions, Cachet Financial Solutions, has announced its involvement in the development of PreCash’s FlipMoney, a mobile wallet application for the under-banked market (view press release).
Using Cachet’s Select Mobile Capture technology, FlipMoney aims to offer instant remote check deposits to a companion prepaid card. PreCash CEO Steve Taylor said: “There is a need for the convenience of mobile check deposit among prepaid card users, but PreCash knew these people would not fully embrace the technology until it could deliver their money faster. Many prepaid card users live paycheck-to-paycheck. They cannot wait several days for a check to clear. Cachet was instrumental in helping us develop a way to offer instant check deposit on our FlipMoney mobile wallet platform.”
Cachet’s Select Mobile Capture will allow companies to build custom-branded applications on smartphones or tablets. “We are pleased that PreCash selected Cachet to collaborate on this innovative new product,” said Jeffrey Mack, President and CEO of Cachet Financial Solutions. “At Cachet, we’ve seen how the under-banked consumer is rapidly changing the financial services landscape. Partnering with PreCash is another way Cachet is able to participate in that evolution.”
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