Las Vegas, Nevada (PRWEB) October 08, 2013
Today, ZipZap introduced CashTabs, a solution for digital wallets, digital currency exchanges, prepaid card providers, and similar businesses to enable their cash preferring consumers to easily add value to their account through any of ZipZap’s global network of 700,000 Payment Center locations.
“CashTabs eliminates the friction for cash consumers looking to top up their accounts with cash,” says Alan Safahi, CEO of ZipZap. “It also gives account providers the added security and control of full KYC (Know Your Customer) compliance and velocity checks, which are crucial in maintaining compliance.”
How it works:
Each CashTab number is tied directly to the consumer's account at their wallet, currency exchange,or prepaid card provider, and is granted only after KYC validation is achieved. Once a CashTab is created, the consumer may use that CashTab number to deposit funds to their account at one of ZipZap's Payment Centers.
By eliminating the need for pins, vouchers, additional cards, and bank accounts, CashTabs improves the experience for cash preferring consumers looking to transact online. The new product allows consumers to make purchases without exposing sensitive financial information, a key concern for more than 80% of online shoppers according to Consumer Reports. CashTabs adds additional security to all digital wallet and digital currency transactions by introducing full KYC compliance and velocity controls to the wallet loading process.
CashTabs and Digital Currencies
ZipZap announced direct integration with Ripple wallet today as the first CashTabs partner. Ripple is an open-source protocol that enables free and instant payments to merchants, consumers and developers with no chargebacks and in any currency. Using CashTabs, Ripple users can fund their wallets with cash without needing a bank account.
“ZipZap brings important utility to the Ripple network by enabling in-person cash deposits for users that may not have a bank account," said Chris Larsen, CEO of Ripple Labs. “Through ZipZap, Ripple users are able to load their wallets with cash in the U.S. today, with global expansion to the rest of the ZipZap network coming in the near future.”
This global expansion will allow a greater number of the world’s unbanked consumers, estimated at half of the global population, to use a Ripple wallet. Thereby enabling them to bypass expensive money wiring services that typically charge more than 8% of the total transaction in fees. ZipZap and Ripple will demo CashTabs at Money2020. Conference attendees can visit the ZipZap or Ripple Labs kiosks in the Money2020 Exhibitor Hall between October 7th and 10th, 2013 to receive a $10.00 to $20.00 voucher to fund a Ripple Wallet. This offer is available on a limited, first-come, first-served basis.
ZipZap, Inc. is the largest global cash payment network, enabling consumers to use cash to make online purchases, top up mobile accounts, purchase digital currencies, and fund eWallets and prepaid cards. Consumers can complete transactions conveniently and easily at one of ZipZap’s 700,000 Payment Center locations.
Founded in 2010, ZipZap is headquartered in San Francisco, California, with operations around the globe. For more information about ZipZap, visit http://www.zipzapinc.com. For more information about CashTabs visit http://cashtabs.zipzapinc.com.