TIO Networks Corp., announced today that the company has surpassed 1 million transactions across the company’s wallet-based mobile and kiosk platforms. In total, TIO Wallet members have processed more than $160 million in bill payments and are completing more than 10,000 sessions per day.
“Our wallet program is creating value every day for our growing member base,” said Hamed Shahbazi, Chairman and CEO of TIO Networks. “We have demonstrated our ability to acquire customers and enroll them into the TIO Wallet at near zero cost, enabling us to grow our user base at a fraction of the cost of other companies in the market.”
TIO Wallet is a cloud based personal profile account capable of storing a consumer’s bills, payment methods and payment history. It enables consumers to quickly and easily pay their bills with the option of same day processing to alleviate late payment concerns. Consumers can access TIO Wallet via multiple channels, including mobile and kiosk platforms.
“We are very pleased with the performance of our wallet-based programs, and have witnessed impressive engagement from our Wallet members,” said Rob Goehring, Chief Marketing Officer of TIO Networks. “Many of our members are logging into their Wallet accounts multiple times per month to view their upcoming bills, due dates and payment history.
The average payment size has grown from $343 to $419 from August 2012 to March 2013 as members become more accustomed to paying larger bills and making critical payments. This increased engagement indicates that users are experiencing greater value in TIO Wallet services.
TIO Wallet has been deployed across all of TIO’s mobile products, and recently has been introduced into a test market of TIO’s network of self-service bill payment kiosks. Now supporting more than 384,000 members, the TIO Wallet will be rolled out to additional TIO kiosks and over-the-counter platforms over the coming quarters.