Cloud-Based Cash plus Mobile Wallet Experience Designed for the Underbanked Consumer
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
Email: [email protected]
Rob Goehring, Chief Marketing Officer - TIO Networks
Tel: 604-298-4636 ext 231
Email: mailto:[email protected]