Wipit is poised to take a strategic position by successfully addressing end users, developers, and merchants, the key audiences that must be addressed to secure leadership in the mobile payments business.
Lake Forest, CA (PRWEB) April 4, 2011
Allegro Systems LLC announced today the launch of wipit (http://www.MyWipit.com), a mobile payment service that offers consumers a seamless, secure payment platform that allows them to use their payment method of choice across mobile applications. For developers, wipit offers the rewards of those transactions by creating revenue streams on a simple and secure platform. The convenience of wipit is available to consumers, developers and merchants by the end of April, 2011, by visiting http://www.MyWipit.com.
“The smartphone industry is on the cusp of transformation as transactional applications and mobile commerce come to the fore,” said Richard Kang, CEO of wipit. “Meanwhile, no significant leader has been established as the de facto provider of payment infrastructure, and among the contenders none have a viable strategy for addressing cash-preferred end users. wipit is poised to take that strategic position by successfully addressing end users, developers, and merchants, the key audiences that must be addressed to secure leadership in the mobile payments business.”
Growth in Mobile Apps
Companies by the hundreds are developing proprietary mobile applications for the iPhone and Google Android smart phones. As of January 2011, Apple and its developers had seen more than 10 billion downloads from their App Store. Meanwhile, Google had amassed a respectable catalog of more than 200,000 apps. Today’s apps, however, remain largely informational or content-driven rather than transactional, where goods or services (either digital or tangible) can be purchased. wipit removes the barriers to mobile transactions for both developers and consumers by allowing consumers the choice in pre-paid or credit card transactions across applications, and developers a method of integrating a smartphone-optimized, single click payment system into their Android or iOS mobile applications.
Within the United States alone, there are an estimated 42.2 million under-banked and un-banked (aka “cash-preferred”) households who generally prefer prepaid as their payment method of choice. By the end of 2010, there were more than 50 million prepaid mobile phone subscribers. wipit will provide these cash-preferred consumers an avenue to fully participate in the app world by giving them cash-based digital currency similar to credit card users.
How wipit Works:
To get started using wipit, users can create a wipit account at http://www.MyWipit.com or by downloading the wipit app from the Google Marketplace. Next users choose how you want to pay: prepaid or link to a credit card. If they choose prepaid, they can visit one of the 20,000 (and growing) authorized locations nationwide to add money to your account. After your financing preferences are chosen, users then download the wipit mobile application. Users simply need to look for the wipit button any time they want to pay for a purchase on a growing list of mobile apps. Finally, users can finalize their purchase by clicking the wipit button and verifying their security information.
Merchants will join the wipit network by integrating wipit’s single click payment option into their transactional apps as an alternative to paying with a credit card. Merchants would benefit from the addition of a convenient, frictionless payment option, and gain access to an enormous new segment of cash-preferred potential customers to whom they would not have otherwise had access. wipit charges a small “percentage-of-transaction” based fee to the merchant similar to those charged when merchants accept a credit card transaction.
wipit is a service that is owned and operated by Allegro Systems LLC, a Southern California headquartered company founded to provide software-based financial services solutions for the cash-preferred customer, developers, and merchants globally. The company is managed and advised by entrepreneurs and executives in the financial services and wireless telecommunications industry, including founding team members of Virgin Mobile USA and Boost Mobile. For more information, visit http://www.MyWipit.com.