Mozido, a provider of cloud payment services, announced the launch of its Genius Wallet, a new global mobile wallet platform for the unbanked.

According to Mozido's announcement, the unbanked population in the world who have mobile phones numbers two billion. The company said its Genius Wallet will now give those consumers access to financial services. Additionally, Mozido said 60 million consumers in the U.S. alone are either unbanked or underbanked. The company said Genius Wallet will provide broad functionality to support retailers, financial institutions and mobile operators to provide remittances, mobile phone top-ups, and bill payments.

Calling Genius Wallet a "game-changing" financial service, Mozido's Chairman Richard Braddock said future releases of the product will provide solutions for banked customers.

The company said its relationship with MoneyGram International, which was expanded in December, will enable remittance services for approved programs at 256,000 MoneyGram locations in 192 countries, and will also allow clients to provide sending and receiving remittance services to customers through the Genius Wallet application.

Additionally, advertisers will be able to reach under banked customers, who were previously unreachable, through a direct-to-consumer interface built into the Genius Wallet, Mozido said.

"Our Genius Wallet brings every mobile phone user, including the unbanked, into a secure, convenient, and efficient financial ecosystem," said Mozido CEO Greg Corona. "It offers opportunity and hope for a huge population worldwide, empowering them to enjoy a broad range of banking and financial services often for the first time, using their mobile phone."

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