Cloud-Based Cash plus Mobile Wallet Experience Designed for the
VANCOUVER, Nov. 29, 2013 /CNW/ - TIO Networks Corp., (TSX-V: TNC) ("TIO"), North America's leading bill pay technology
provider announces that there are now more than 130,000 members in the
direct-to-consumer TIO Wallet. Including white-label Wallet programs,
the number of TIO members is now close to 500,000 members in total.
The TIO-branded Wallet service provides Underbanked consumers with the
ability to create and manage a virtual account to pay over 10,000
different bills.Using TIO Wallet, members can add bills, store and
manage payment methods, pay bills with cash, credit or debit, and view
payment history. TIO Wallet members can access their TIO Wallet account
today on over 400 TIO kiosks across the US or via TIO Mobile Pay, TIO's
native iOS and Android app.
"We are very pleased with the growth in our membership since the launch
of the Wallet program," stated Hamed Shahbazi, Chairman and CEO of TIO
Networks. "Our vision is to transform our transaction-based business
into a membership platform with multiple revenue streams, high customer
engagement, and a significantly higher life time value per customer
than our traditional bill payment business."
The TIO Wallet technology platform was developed 3 years ago to serve a
variety of white-label,branded payment programs for partners, with TIO
launching its own TIO-branded solution in late 2012. TIO's direct
members enroll into the Wallet when paying their bill at TIO branded
kiosks that have the latest version of the kiosk operating system, or
through the native TIO Mobile Pay iOS and Android app. These Wallet
members are continuing to use the platform more often, with an increase
of over 8% in the number of bills paid per member over the last 6
months and an increase of over 50% in the number of members who are
indexing multiple bills.
"Our members are seeing ongoing and increasing value in their membership
account, as evidenced by the increased usage of the platform," stated
Rob Goehring, Chief Marketing Officer of TIO Networks. "Our focus is
now shifting to expanding our network, increasing our member
engagement, and adding services that are valuable to our customers as
well as TIO."
In the coming months the Wallet membership platform will be rolled out
to the remainder of the TIO kiosk network, and the mobile platform will
continue to be enhanced with additional billers and functionality. In
addition, TIO's over-the-counter solutions will also start contributing
to the overall membership profile. TIO Wallet will also expand to
include additional services such as stored value accounts, money
transfers and consumer credit options.
About TIO Wallet
TIO Wallet is the premiere payment wallet for the Underbanked. It is
designed to serve the estimated 60 million Americans with limited
access to mainstream financial services. Learn more, and like us on http://www.facebook.com/TIOWallet.
About TIO Networks
TIO is a cloud-based bill payment processor serving the largest telecom,
wireless, cable and utility bill issuers in North America. With more
than 55,000 endpoints, TIO symbolizes fast, convenient and secure bill
paying. Visit: www.TIOnetworks.com. Join the conversation on www.twitter/tionetworks or like us on http://www.facebook.com/tionetworks.
The TSX Venture Exchange has not reviewed this news release and does not
accept responsibility for its adequacy and accuracy.
SOURCE: TIO Networks Corp.
For further information:
John Lewis, Business Development - TIO Networks
Rob Goehring, Chief Marketing Officer - TIO Networks
Tel: 604-298-4636 ext 231