TIO Networks surpasses $100 million in mobile bill pay transactions
VANCOUVER-- TIO Networks Corp., a cloud-based bill payment processor serving telecom, wireless, cable and utility bill issuers in North America, has announced it has processed more than $100 million in mobile bill payments since launching the payment platform last year.
Continued growth in mobile resulted in a record number of transactions for August and the company’s second highest transacting month in history.
“We are very pleased to have already crossed the $100 million threshold for mobile transactions processed,” said Hamed Shahbazi, Chairman and CEO of TIO Networks. “As we add more mobile deployments this year we are excited to accelerate our growth rate.”
More than a third of American smartphone users report they use their phones for online banking services such as bill paying, according to a recent report by Pew Researchers. The study found that 65 percent of experts agreed mobile payments will be widely adopted by the mainstream public before 2020.
“North Americans are rapidly adopting mobile and becoming more comfortable than ever transacting online,” said Steve Barha, executive vice president of TIO’s mobile and web division. “In order to keep up with consumer demand, billers need to add convenient and affordable payment solutions. Mobile is an excellent platform for this.”
The TIO processing engine includes the ability to accept bill payments in multiple modalities across its suite of self-service kiosks, clerk-assisted locations, web and mobile channels. Together these channels process in excess of $1 billion in bill payments per year.
TIO Wallet, a cloud-based personal profile system capable of storing consumer bills, payment methods and history across all channels, powers the mobile platform. TIO Wallet now supports more than 300,000 members via its mobile platform and will be rolled out to TIO’s kiosk and over-the-counter services in the coming months.