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Bill payment company TIO Networks Corp. has launched its new TIO MobilePay app that lets consumers in the U.S. pay multiple bills with their Visa and MasterCard payments cards. Available for iPhone and Android devices, TIO MobilePay gives users access to more than 6,000 billers.
"The demand for mobile bill payment is rapidly increasing," said Hamed Shahbazi, Chairman and CEO of TIO Networks. He added that paying bills by credit card is attractive to both reward seekers and consumers who need a bridge in between paychecks.
With TIO MobilePay, users have the option to pay current bills or schedule future payments. Additionally, they can make emergency payments that are processed in real time, meaning that they can address a late payment and prevent interruption of services such as things like utility and phone services, or avoid service charges for late payments.
"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."
TIO MobilePay is based on TIO's mobile wallet product, a cloud-based service aimed at the underbanked market. The TIO Wallet will launch later this year. TIO said that in subsequent product releases, users will be able to load cash into their TIO Wallet at walk-up cash pay locations, and use the money to pay bills, transfer funds and make purchases.
For more stories like this, visit the Bill Payment research center.