On Tuesday, mobile payment solutions provider Vesta Corporation announced the availability of the Vesta PayMobile wallet.
We’re told that the wallet is a smartphone application that enables mobile operators to offer core financial services to their prepaid customers.
And what a huge market that is.
According to the FDIC, there are 68 million unbanked and under-banked consumers in the U.S. and the majority of these are prepaid mobile subscribers.
Powered by partnerships with leading consumer brands Xoom, PreCash and Prepaid.com, the app builds on Vesta’s core account reload platform to include money transfer, bill payment and international top-up services.
“By leveraging a customer’s top-up account details,” Vesta says, “the combined experience delivers an easier to use, more cost-effective solution than retail-based alternatives.”
“Unlike many of the other mobile wallet solutions on the market, the Vesta PayMobile wallet is truly solving the needs for prepaid wireless subscribers,” explains Joshua Rush, vice president of marketing at Vesta. “We envision this application growing to eventually include a broad portfolio of services and m-commerce capabilities for all mobile subscribers.”