TIO Networks Corp., (TNC.V) ("TIO"), North America's expedited bill payment company, today announced the launch of TIO MobilePay, the first mobile app that allows Americans to pay multiple bills via VISA or MasterCard branded payment cards in real time.
iPhone, iPad and Android users can choose to pay more than 6,000 billers via credit or debit card with the option of same day processing.
"The demand for mobile bill payment is rapidly increasing as is the need to pay multiple bills in one place from any bank," said Hamed Shahbazi, Chairman and CEO of TIO Networks. "Paying bills by credit card is also attractive to both reward seekers and consumers who need that bridge in between pay checks."
Another attractive feature of TIO MobilePay is the option to make emergency payments that are processed in real time. A recent survey conducted by the National Foundation for Credit Counseling found 58 million U.S. adults paid their bills late. Consumers spent a staggering $20 billion in credit card bill late fees in 2009, according to the survey.
"The constrained economy has greatly increased the need for emergency bill pay solutions," said Shahbazi. "Consumers are expected to save billions in late fees over the next few years due to expedited bill payment services like TIO MobilePay."
Expedited bill payments with credit cards are particularly important to the 60 million Americans who are underbanked, meaning they have limited access to mainstream financial services. These Americans face costly repercussions such as high reconnection and interest fees when they're unable to pay bills on time.