August 25, 2013
Earlier this week, Precash launched Evolve Money. Evolve Money is a mobile and an online app that allows its users to pay over 10,000 various types of bills without cards. Users of Evolve Money have an option to pay through a smartphone or online for free or for a minimum charge.
The app also comes with a payment management tool that tracks the history of the transactions made. The app is made available to the public and is available to download from Google Play.
Precash works on the lines of a gift card used for online purchases. Consumers can walkin to retail outlets like Randalls, Safeway and Andersons and purchase REloaditTM Packs, or Evolve Pay BucksTM PINs for $3.95 or $3 which acts as funds that are preloaded. Precash app is later used to pay for the bills and the funds are reloaded back. The payment can be made real time which will cost a user $1.5 per transaction or as a standard 2 day payment which is free. There are other prepaid card services with different transaction costs available in the market. PayNearMe is also an alternative service through which bills can be paid through cash. Read more about PayNearMe here.
LTP View: The consumers may use Evolve Money service only if there is a compelling need to buy those prepaid cards and pay bills. The compelling reason could be that they either don’t have a bank account or are not comfortable doing online transactions. There is also a large user base of card users in the US; we’re yet to see if this service appeals to them.