Today TIO Networks Corp. announced the launch of their new app, TIO MobilePay. 聽TIO MobilePay, is an app that allows users to pay their bills online (using the app) with their Visa or Mastercard credit/debit cards. 聽TIO boasts their MobilePay app is the first of its kind, and can be used to pay several different bills. 聽Utilizing the MobilePay app, users can also schedule their payments ahead of time, so as to help them pay their bills on time. 聽The TIO MobilePay app is available for download in both Android’s Google Play Store, and Apple’s App Store for free.
NEW YORK–(BUSINESS WIRE)–TIO Networks Corp., (TSX-V: TNC) (“TIO”), North America’s expedited bill payment company, today announced the launch of TIO MobilePay, the first mobile app that allows Americans to pay multiple bills via VISA or MasterCard branded payment cards in real time. iPhone, iPad and Android users can choose to pay more than 6,000 billers via, credit or debit card with the option of same day processing.
鈥淭he constrained economy has greatly increased the need for emergency bill pay solutions鈥�
鈥淭he demand for mobile bill payment is rapidly increasing as is the need to pay multiple bills in one place from any bank,鈥� said Hamed Shahbazi, Chairman and CEO of TIO Networks. 鈥淧aying bills by credit card is also attractive to both reward seekers and consumers who need that bridge in between pay checks.鈥�
Another attractive feature of TIO MobilePay is the option to make emergency payments that are processed in real time. A recent survey conducted by the National Foundation for Credit Counseling found 58 million U.S. adults paid their bills late. Consumers spent a staggering $20 billion in credit card bill late fees in 2009, according to the survey.
鈥淭he constrained economy has greatly increased the need for emergency bill pay solutions,鈥� said Shahbazi. 鈥淐onsumers are expected to save billions in late fees over the next few years due to expedited bill payment services like TIO MobilePay.
Expedited bill payments with credit cards are particularly important to the 60 million Americans who are underbanked, meaning they have limited access to mainstream financial services. These Americans face costly repercussions such as high reconnection and interest fees when they鈥檙e unable to pay bills on time.
TIO MobilePay is powered by TIO Wallet and is the first of a suite of unified cloud-based products for America鈥檚 underbanked population that will launch later this year. TIO MobilePay enables consumers to not only pay their bills, but also schedule bill payments to ensure payments are made on time. In subsequent product releases, consumers will be able to load cash into their TIO Wallet from thousands of TIO’s walk-up cash pay locations, and use those funds to not only pay bills, but also transfer funds and make purchases. For more information visit:聽www.tiomobilepay.com聽or聽www.tionetworks.com. Join the conversation at聽www.twitter.com/TIOWallet聽or on聽www.facebook.com/TIOWallet.
TIO Wallet
TIO Wallet is the premiere payment wallet for the underserved. It is designed to serve the estimated 60 million Americans with limited access to mainstream financial services. For more information on TIO Wallet, please follow us on Twitter @TIOWallet (www.twitter.com/TIOWallet), visit our Facebook page at聽www.facebook.com/TIOWallet, or visithttp://www.TIOmobilepay.com聽for a video preview.
The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for its adequacy and accuracy.
