Ingo Money, Inc. Enables MasterCard Prepaid in its Network

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Eligible MasterCard Prepaid cardholders can now cash checks to their cards instantly in the Ingo Money app

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Ingo Money, a leading mobile payments technology and service provider, and the pioneer of services that enable instant, guaranteed mobile check cashing announced today that eligible MasterCard Prepaid cardholders are now able to cash checks to their cards using the Ingo™ Money app on their mobile device.

Prepaid cards are an easy way to pay and get paid, and Ingo Money’s mobile check cashing app makes prepaid cards even more convenient. Now MasterCard Prepaid cardholders can download the Ingo™ Money app to their smartphone from the Apple® App Store or Google Play™, capture an image of a check and, if the check is approved, cash the check to their card. Cardholders can choose to receive immediate access to their money for a fee of 1% or 4% of check value, depending on check type. Alternatively, cardholders can choose to have funds loaded to their cards in ten days at no charge.

“MasterCard is committed to delivering prepaid solutions that provide our cardholders with access to their funds when they want, where they want and how they want,” said Jeff Feuerstein, vice president and general manager, North America Prepaid Products, MasterCard. “By enabling Ingo Money’s service for MasterCard prepaid cardholders, we’re providing quick, convenient and secure access to check funds.”

The Ingo Money mobile check cashing service, enabled by Ingo Money and provided to the consumer by a national bank, accepts most check types, including payroll, government, personal, cashier, money order and insurance checks. Leveraging an advanced risk decisioning model, Ingo Money reviews each scanned check for approval. Approved checks are funded to the cardholder’s account by the bank. Once a card is funded, the money is guaranteed to the card issuer and safe to spend by the cardholder.

“The rapidly increasing demand for prepaid cards is evidence of consumers’ desire to access their money freely and instantly without processing delays and other traditional industry barriers,” said Drew Edwards, founder and CEO, Ingo Money. “Meeting this demand and overcoming longstanding obstacles is only possible by constantly innovating processes through technology. This partnership is evidence of MasterCard’s dedication to revolutionizing money movement and accessibility for cardholders nationwide.”

MasterCard Prepaid Debit issuers and program managers can extend access to their cardholders by enrolling their BINs with Ingo Money. The service may also be integrated into prepaid mobile banking platforms via software development kit.

Visit ingomoney.com to learn more or contact Matthew Frye at matthew.frye(AT)ingomoney.com.

About Ingo Money

Ingo Money, Inc. is a leading digital payments company focused on expanding and accelerating the flow of funds between monetary instruments to provide immediate, guaranteed funding and payment services that fuel consumer adoption of new and existing digital payment platforms.

Ingo Money owns and operates two lines of business. Ingo™ Network Solutions, operated in conjunction with First Century Bank, N.A., is a consumer-direct network accessible via mobile and retail channels. Ingo™ Enterprise Solutions is an omni-channel commercial platform that enables independently licensed financial services firms to deliver immediate, non-provisional funding and payment services to their customers.

About MasterCard Incorporated

MasterCard, http://www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.

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Matthew Frye
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