Telecom Lead America: TIO Networks has processed more than $100 million in mobile bill payments since launching the payment platform last year.
Continued growth in mobile resulted in a record number of transactions for August and the company’s second highest transacting month in history.
“As we add more mobile deployments this year we are excited to accelerate our growth rate,” said Hamed Shahbazi, chairman and CEO of TIO Networks.
More than a third of American smartphone users use their phones for online banking services such as bill paying, according to Pew Researchers. 65 percent of experts agreed mobile payments will be widely adopted by the mainstream public before 2020.
North Americans are rapidly adopting mobile and becoming more comfortable than ever transacting online. In order to keep up with consumer demand, billers need to add convenient and affordable payment solutions. Mobile is an excellent platform for this.
The TIO processing engine includes the ability to accept bill payments in multiple modalities across its suite of self-service kiosks, clerk-assisted locations, web and mobile channels. Together these channels process in excess of $1 billion in bill payments per year.
TIO Wallet, a cloud-based personal profile system capable of storing consumer bills, payment methods and history across all channels, powers the mobile platform. TIO Wallet supports more than 300,000 members via its mobile platform and will be rolled out to TIO’s kiosk and over-the-counter services in the coming months.
