Ingo Money Inc., a payments provider that has helped prepaidcard customers load checks directly to their cards has announced that it hasagreed to buy Fuze Network, Inc., a technology company that enables cardholdersto load cash to their cards, for an undisclosed price.
“The combination of Ingo Money andFuze technologies will accelerate our mission to digitize the cash economy byenabling consumers to use their mobile phones to convert any check or cash intoelectronic Good Funds and to push it virtually anywhere,” said Drew Edwards,founder and CEO, Ingo Money. “Not only will the combination enable us to expandour retail product offering to include cash transactions, but the integrationinto our mobile solutions will revolutionize the way self-banked consumerscontrol their money; from anywhere to anywhere from the convenience of theirphone.”
The prepaid card industry is a volume business that isdriven by cardholders loading money. Tools that facilitate cash and checksmoving onto cards will help those providers whose customers tend to operate inthe cash economy. Liquidity is a key attribute for these consumers, and toolsthat facilitate easier transference from paper to electronic funds will be anattractive feature on prepaid cards.
Overview by Ben Jackson, Director, Prepaid Advisory Service for Mercator Advisory Group
