PreCash today announced the launch of Evolve Money, the first online and mobile app that makes it easy for consumers to track and quickly pay more than 10,000 bills without needing a bank account, credit, debit or prepaid card.
Evolve Money differs from other alternative payment services because consumers can pay their bill for free or get a same-day, expedited bill payment at little cost. Cash-based consumers now can make fast, affordable bill payments online or from the convenience of a smartphone.
"Many consumers prefer to use cash as a way to manage their money, but it often takes more time and costs more to do so, especially if they want to make an expedited payment," said Steve Taylor, CEO and President for PreCash. "The beauty of Evolve Money is consumers can get a load pack or PIN at thousands of locations and then use their smartphone, tablet or computer to make payments either real-time for $1.50 per transaction, or as a standard two day payment which is free. That far exceeds any options out there where there's a premium fee that can cost up to $25 for some immediate payments and several dollars for standard payments."
Evolve Money also offers a payment management tool that tracks and keeps a history of all transactions. With this feature, cash paying users can manage their bills and finances with tools often only available to bank and credit card customers.
"When paying bills at a convenience or grocery store, or using money orders, people pay a fee for each individual bill, they may have to go to several locations, and there are no tools that allow you to track and budget payments over several months," adds Taylor. "Evolve Money gives people that pay with cash a way to save all of their bills in one place and the ability to track their payments. It's an experience akin to paying bills online through a bank, but the payments are much faster."
The mobile app is available today for free from Google Play for Android owners, while other smartphone, tablet and computer users can use Evolve Money by visiting www.evolvemoney.com.
The service works similar to using a gift card for online purchases. Consumers purchase REloaditTM Packs, or Evolve Pay BucksTM PINs at thousaNs at thousands of retail locations nationwide like Safeway, Randalls and Albertsons. Then they use the app to pay bills and load the funds during the checkout process. REloadit Packs can be purchased for $3.95, and Evolve Pay BucksTM are $3.00.
The service is PreCash's first online and mobile bill pay product powered by its PayConnect platform, an open mobile and online bill pay platform that accelerates the time it takes to deliver payments to thousands of billers. While the service currently offers cash payments, it soon will allow users to pay bills with Visa®, MasterCard® and Discover® debit cards and prepaid cards.
"Everyone pays bills, whether people use cash or have access to a variety of payment options, and Evolve Money makes it faster and easier," says Taylor. "We think anyone can appreciate that value regardless of how they choose to pay. More than half of all mobile users in the U.S. carry a smartphone and more and more people are using them to manage their money. On-the-go smartphone users expect speed and ease, and that is exactly what Evolve Money delivers."
Evolve Money Features At A Glance:
Cash load options at thousands of locations - no bank account, credit or debit card needed
Bill payments to more than 10,000 billers including utilities, wireless and cable providers, insurance companies, auto, mortgage loans and more
Saves billing information in one place for fast, easy access month-after-month
Payment status notifies users when payments are delivered
Free standard bill payments that are paid in two days or less
Same day expedited payments for $1.50 - the lowest cost available anywhere
Users also will have the option to upgrade to the Evolve Wallet. Evolve Wallet comes with a prepaid debit card and lets users make purchases, access instant remote check deposits, deposit cash, make ATM withdrawals, perform person-to-person payments, receive direct deposit, pay bills and more.