PreCash Inc. has launched Evolve Money, a consumer-facing online and mobile application that allows cash-paying users a way to pay and track their bills.
Earlier this month, the Houston-based mobile bill-payment provider and processor announced its cloud-based, white-label PayConnect mobile and online bill payment system. PreCash offers PayConnect to banks, billers and mobile wallet developers.
Evolve Money is the consumer version of PayConnect, allowing consumers to pay more than 10,000 bills without needing a bank account, credit, debit or prepaid card, PreCash states in an Aug. 27 press release.
The service currently works only with cash payments, but PreCash says it will soon allow users to pay bills with Visa, MasterCard and Discover debit and prepaid cards.
Evolve Money is similar to using a gift card for online purchases, PreCash says.
Consumers can purchase REloadit Packs, or Evolve Pay Bucks PINs at thousands of retail locations like Safeway, Randalls and Albertsons. They can then use the app to pay bills and load the funds during the checkout process. REloadit Packs can be purchased for $3.95, and Evolve Pay Bucks are $3, PreCash says.
Users have the option to upgrade to the Evolve Wallet, which includes a prepaid card and allows purchases, cash deposits, ATM withdrawals, person-to-person payments, bill payment and the ability to receive direct deposit.
"Many consumers prefer to use cash as a way to manage their money, but it often takes more time and costs more to do so, especially if they want to make an expedited payment," Steve Taylor, CEO and president of PreCash, states in the release.
Consumers using Evolve Money can pay bills through their smartphones, tablets or computers, Taylor says. "They can make payments either real-time for $1.50 per transaction, or as a standard two-day payment, which is free," he adds.
Evolve Money "far exceeds" current options that charge premium fees of up to $25 for immediate payments and several dollars for standard payments, Taylor says.