TIO Networks, a US bill payment company, has
announced the launch of a mobile app that enables customers to pay
bills in real time via MasterCard and VISA cards.
TIO MobilePay is an app powered by TIO Wallet
compatible with iPhone, iPad and Android operating systems, with
which the company said will target the 60 million Americans who are
underbanked.
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Hamed Shahbazi, Chairman and CEO of TIO
Networks said:
“The demand for mobile bill payment is rapidly
increasing as is the need to pay multiple bills in one place from
any bank. Paying bills by credit card is also attractive to both
reward seekers and consumers who need that bridge in between pay
checks.”
Users of the TIO MobilePay app will be able to
pay more than 6,000 billers with the option of same day
processing. The app also features an option that allows
processing emergency payments in real time.
Shahbazi added:
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By GlobalData“The constrained economy has greatly increased
the need for emergency bill pay solutions. Consumers are expected
to save billions in late fees over the next few years due to
expedited bill payment services like TIO MobilePay”
According to a survey by the National
Foundation for Credit Counseling, 58 million of consumer in the
U.S. paid their bills late and spent USD 20 billion in late fees in
2009.
