VANCOUVER, British Columbia and SAN FRANCISCO, March 30, 2015 /CNW/ -- TIO Networks Corp., (TSX-V: TNC) ("TIO"), North America's leading cloud-based bill payment processor is proud to announce that as of Jan. 31, there were more than 1.03 million registered members in its direct-to-consumer user base.
This milestone was achieved through a combination of TIO's consumer facing bill pay channels, including TIO MobilePay iOS and Android apps, TIO PayStation kiosks, and online registered accounts through ChargeSmart.com, where end-users create and manage a virtual account with access to pay thousands of different bills in a variety of convenient ways.
"The underbanked have traditionally not been the benefactors of leading edge technology. Too often they have had to deal with sub-optimal tools and user experience options when conducting basic financial services transactions such as bill payments," said Hamed Shahbazi, CEO of TIO Networks. "TIO and ChargeSmart's cloud-based account features enable customers to access their payment details anytime, anywhere and from almost any device. We've received tremendous feedback and support for our direct-to-consumer program and intend on growing by providing members with access to more services and conveniences."
TIO built its core business as a third party processor that facilitates bill payments for some of the largest bill issuers in North America. Between Nov. 1, 2014 and Jan 31, 2015, TIO's total payment volume, which includes all direct-to-consumer and private labeled programs, generated 12 million transactions worth more than $1.29 billion in payments. During the same period, TIO's direct-to-consumer lines of business processed 217,000 transactions worth more than $63 million US representing more than 123 percent growth in transactions and 669 percent growth in proceeds on a year over year basis. The majority of the growth was driven by TIO's acquisition of ChargeSmart.com in August 2014. Thus far, TIO's direct-to-consumer program is available only in the United States.
The financially underserved marketplace is large and growing. A 2014 market sizing study by the Center for Financial Services Innovation (CFSI) concluded that, in 2013, the financially underserved market in the United States generated approximately $103 billion in fees based on financial product and services volume of $1.3 trillion. Market revenue grew by 7.1 percent from 2012 to 2013 and was forecasted to grow by 4.6 percent in 2014.
About TIO Networks
TIO Networks is a multi-channel cloud-based bill payment processor serving the largest telecom, wireless, cable, and utility bill issuers in North America. With more than 70,000 endpoints, TIO symbolizes fast, convenient and secure bill payment services. Visit www.tionetworks.com or join the conversation on Twitter and Facebook.
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The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for its adequacy and accuracy.
This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. Potentially, many factors could cause our actual results to vary materially from those described herein as intended, planned, anticipated, or expected. TIO Networks Corp. does not intend and does not assume any obligation to update these forward-looking statements.
SOURCE TIO Networks Corp.