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.
“The constrained economy has greatly increased the need for emergency bill pay solutions,” said Shahbazi. “Consumers 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 reprecussions such as high reconnection and interest fees when they’re 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’s 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: www.tiomobilepay.com or www.tionetworks.com. Join the conversation at www.twitter.com/TIOWallet or on www.facebook.com/TIOWallet.