Euronet introduces prepaid mobile payments for the cash-happy
Retail payment solutions provider Euronet Worldwide Inc. is launching a new mobile payments service enabling consumers who prefer using cash to participate in mobile payments.
Wipit is a mobile application that lets consumers make mobile commerce purchases with a single click using a Wipit account that is funded with cash or a credit card. The offering is focused on enabling consumers who prefer to use cash to be able to participate in mobile payments and in-app purchases.
“The overall mobile payments opportunity is enormous,” said Dan Dow, director of product management at Euronet, Leawood, KS. “Wipit addresses a consumer need and provides mobile customers with a prepaid wallet to fund purchases,” he said.
“Retailers also benefit from the Wipit service because the wallets are pre-funded.”
Euronet’s payment and transaction processing solutions includes prepaid processing network of approximately 588,000 point-of-sale terminals at approximately 276,000 retailer locations in 29 countries.
With the growth of mobile commerce, there is a need for consumers who prefer cash to have a convenient payment method beyond prepaid gift cards.
The application also addresses the growing adoption rate of smartphones in the prepaid mobile market. However, without a cash payment option, many of these customers do not have access to mobile payments options that are typically available via a credit card.
“A significant portion of cash preferred consumers want to participate in mobile commerce but most solutions are focused on credit card based consumers,” Mr. Dow said.
“There is also subscriber growth in the prepaid mobile segment,” he said.
Consumers download the Wipit mobile application and create an account. They can use the store locator to find retail locations where they can add funds to their account.
The funds are immediately available to make in-app mobile commerce purchases.
Users can also link a credit card as their payment method.
Wipit can then be selected as the payment method when making a mobile purchase with participating merchants.
Developers will be able to integrate Wipit into their Android of iOS mobile applications.
“Wipit complements existing mobile payments solutions,” Mr. Dow said. “Wipit allows consumers to control their spend through a cash preferred mobile wallet.
“Consumers will load their Wipit mobile wallet at a participating cash-in location,” he said. “The funds are immediately available for the consumer to spend. Wipit will then be selected as the payment method when making a mobile purchase with participating merchants.”
Chantal Tode is associate editor on Mobile Commerce Daily, New York