PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

PreCash Launches First Prepaid Remote Deposit Capture App

By Mercator Advisory Group
September 12, 2012
in Analysts Coverage
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

American Banker today published an article indicating PreCash will launch FlipMoney, a mobile wallet service connected to a prepaid account for the unbanked and underserved.

“Current mobile check solutions can take up to six days before somebody gets their money — that does not work for someone living from paycheck to paycheck,” says Steve Taylor, PreCash’s CEO. “They need their money immediately.”

Flip will offer instant mobile check deposit and instant bill payment — features that matter a lot more to the underbanked than to the banked. People who live paycheck-to-paycheck need to obtain the funds from their paychecks and then transfer those funds to their billers right away, Taylor says.

Mercator Advisory Group has written about the impact prepaid mobile check deposit will have on the growth and direction of the prepaid market. We addressed most recently in a Research Note titled “Mobile Deposit Capture Will Greatly Expand the Prepaid Market” and in the March report “Grasping the Benefits of Prepaid: A Battle Plan for Banks.”

The American Banker article also identifies the cost model that PreCash will implement:

For instant check deposits, PreCash plans to charge $1 plus 1% of the deposit amount for a payroll or government check and $1 plus 3% of the amount for personal checks. There is also a standard-speed option for a flat $3 fee per item. PreCash does not plan to charge for expedited bill-payment.

This type of app is a first in what will soon become a standard offering for most Prepaid Financial Services products and the time to market this service, as well as channel partner development, will prove important.

Click here to read more from American Banker.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: Prepaid

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    supply chain payments

    The Payment Process: The Supply Chain’s Most Overlooked Cyber Risk

    July 17, 2025
    Navigating Global Fintech Regulations Through Strategic Regulatory Arbitrage

    Navigating Global Fintech Regulations Through Strategic Regulatory Arbitrage

    July 16, 2025
    AI Is Turning Accounts Receivable Into a Strategic Powerhouse

    AI Is Turning Accounts Receivable Into a Strategic Powerhouse

    July 15, 2025
    Embedded Finance

    Embedded Finance: Bringing Payments Under a Single Umbrella

    July 14, 2025
    Making Real-Time Payments a Reality

    Fulfilling the Promise: Making Real-Time Payments a Reality

    July 10, 2025
    mortgage

    The Rich Benefits of In-House Payment Systems

    July 9, 2025
    digital cards

    Beyond Plastic: Why Digital Cards Are the Future

    July 8, 2025
    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    July 7, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result