Axiologix, a mobile payments and international remittance solution provider based in Atlanta, has launched a cloud based member-to-member payments service for both consumers and merchants in the US.

The service, named Genie Cash, will provide a mobile device alternative to traditional banking services for individuals without a regular bank account.

The product, developed by a payment processing veteran, AllCom, using its patent pending technology and procedures, will allow patrons to pay by text without having to disclose their card details.

Genie Cash will not charge ACH or wire fees for processing customer fees and paying vendors.

Axiologix CEO and chairman Vincent Browne said: "With the launch of the Genie Cash product suite we have taken the first steps in becoming exclusively financial services focused which should allow the markets to better understand our operations, our markets and our positioning going forward."

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By GlobalData