PreCash’s Evolve Money Adds Card Funding Option; Gen Y Driving Mobile Bill Pay (Dec. 12, 2013)
PreCash is expanding its Evolve Money online and mobile bill pay app by enabling customers to pay bills using debit and prepaid cards, in addition to cash. PreCash launched Evolve Money last summer and the Houston-based payments processor says the service is gaining traction with consumers.
“By adding debit and prepaid card payments, we are reaching a broader segment of consumers who are looking for convenience and a faster way to manage and pay their bills,” said PreCash CEO Steve Taylor. “Evolve Money offers the ultimate in flexibility. Users can pay each bill with cash or a different payment card.” Evolve Money, which is available as an Android mobile app at Google Play or at www.evolvemoney.com, accepts Visa– and MasterCard-branded debit and prepaid cards. Consumers can add cash to Evolve Money by purchasing REloadit Packs for $3.95, or Evolve Pay Bucks PINs for $3.
The use of mobile bill payment has doubled to 16 million U.S. households from 2012 to 2013, according to a recent Fiserv study. Driving that growth is the Gen Y population, according to the Brookfield, Wis.-based financial services technology provider’s Sixth Annual Billing Household Survey. Last October, Fiserv unveiled a new platform enabling small and midsize billers to send bills and receive payments through multiple channels, including mobile devices.
Many consumers continue to use established methods of paying bills, such as checks, phone or in-person payments, but the majority say it’s important for billers to offer multiple ways to pay bills. The Gen Y effect is evident, according to the survey, as 74 percent of Gen Y respondents consider offering multiple payment options important, compared with 67 percent of all respondents.
