Texas-headquartered payment processor PreCash has announced the launch of Evolve Money, an online and mobile bill payment app for cash-based consumers.
The free app can be used without a bank account or card, offers quick payments from a smartphone or online and can be used to pay bills from over 10,000 companies.
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Steve Taylor, CEO and president of PreCash, said: "Many consumers prefer to use cash as a way to manage their money, but it often takes more time and costs more to do so, especially if they want to make an expedited payment."
"The beauty of Evolve Money is consumers can get a load pack or PIN at thousands of locations and then use their smartphone, tablet or computer to make payments either real-time for $1.50 per transaction, or as a standard two day payment which is free. That far exceeds any options out there where there’s a premium fee that can cost up to $25 for some immediate payments and several dollars for standard payments."
The app works by allowing users to purchase REloadit Packs or Evolve Pay Bucks PINs at participating retail outlets. They can then use the app to pay bills and load funds at the point of sale.
The app also tracks transactions to allow even unbanked users to manage their payments.
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By GlobalDataMr Taylor said: "When paying bills at a convenience or grocery store, or using money orders, people pay a fee for each individual bill, they may have to go to several locations, and there are no tools that allow you to track and budget payments over several months.
"Evolve Money gives people that pay with cash a way to save all of their bills in one place and the ability to track their payments. It’s an experience akin to paying bills online through a bank, but the payments are much faster."
The service is currently for cash payments, but it will soon be available to Visa, MasterCard and Discover cardholders.
Mr Taylor said: "Everyone pays bills, whether people use cash or have access to a variety of payment options, and Evolve Money makes it faster and easier.
"We think anyone can appreciate that value regardless of how they choose to pay. More than half of all mobile users in the U.S. carry a smartphone and more and more people are using them to manage their money. On-the-go smartphone users expect speed and ease, and that is exactly what Evolve Money delivers."
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