Mozido, the Global Cloud Payment Network that brings every mobile phone user into the financial ecosystem, announced today the launch of the Genius Wallet, a global mobile wallet platform for the unbanked and banked.
The unbanked population in the world with mobile phones represents two billion people, who will now be able to experience the security and convenience of financial services, using the Genius Wallet with their mobile phones. In the U.S.A. alone, nearly 8% of Americans are unbanked and a further 18% are under banked, totaling 60 million people. The Genius Wallet will have broad functionality to support retailers, financial institutions and mobile operators in meeting the needs of their customers including remittances, mobile phone top-ups, and bill payments.
"After having led Citigroup as President and COO, and taken Priceline public as Chairman and CEO, I have not come across a financial service system as potentially game-changing as Mozido's Genius Wallet," says Mozido Chairman Richard Braddock. "I am excited about providing solutions all over the world to billions of unbanked customers who are currently underserved, just as we will for banked customers as we will address in future releases."
In December, Mozido and MoneyGram expanded their relationship to include MoneyGram remittance transfer services for approved Mozido mobile wallet applications. The technical integration will enable remittances services for approved programs at 256,000 MoneyGram locations in 192 countries. The Mozido relationship now allows clients to provide sending and receiving remittance services to customers through the Genius Wallet application. The Genius Wallet provides financial and promotional functionality to consumers who previously may have been overlooked. It is envisioned by Mozido that large pools of unbanked customers will gain access to these services, as will be covered in future releases.
Advertisers will be able to reach under banked customers, who were previously unreachable, through a direct-to-consumer interface built into the Genius Wallet. The interface allows consumers of all social and economic backgrounds to make purchases and redeem rewardm rewards through their Genius Wallets. These services will be available to MoneyGram customers who send or receive remittances through an approved Genius Wallet application and to other unbanked customers as they are added.
"Our Genius Wallet brings every mobile phone user, including the unbanked, into a secure, convenient, and efficient financial ecosystem," says Greg Corona, CEO, Mozido LLC "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."