FOOTHILL RANCH, California, January 5, 2010 (Business Wire) – Emida, a leading provider of electronic prepaid solutions has announced material progress in the development of its new product, Cash and Transact™.
Cash and Transact™ is a virtual mobile wallet that allows users to load cash into their wallet and buy services – e.g. pay bills, top-up a phone or send money to friends – using their cell phone. The service is targeted at the unbanked market and supports a broad range of mobile phones using USSD, J2ME, SMS and STK interfaces.
Cash and Transact™ is seeing increasing demand, according to Dennis Andrews, CEO, Emida who said “We expect two existing customers to sign contracts for Cash and Transact in early 2010 and recently received an approved proof of concept for the service from a major wireless operator in West Africa, leading to it being submitted for approval by the country’s Central Bank. And Cash and Transact™ has generated positive responses at trade shows in Latin America and the Middle East.”
“Cash and Transact™ is an innovative mobile wallet service based on reliable, proven and increasingly global Emida cash-in transaction processing technology. We are delighted with our progress and expect 2010 to be a significant year for Cash and Transact™” said Greg Lee, VP and Director General, Emida Cash and Transact™.
About Emida
Emida is a leader in the global prepayment and value transfer market, operating in 35 countries throughout North, Central and South America, the extended Caribbean, Africa, Oceania, the Middle East and Europe. We support a network of more than 40,000 retail points with an annual dollar payment volume in excess of $1B, processing more than 120 million annual payment transactions.
Our network technology enables the domestic and international distribution and value transfer of many types of prepaid products and payment services. Our strategy is to build profitable, robust distribution networks for many prepaid products in targeted operating geographies, and to introduce unique cross border value products between regions. Our payment processing platform provides robust revenue solutions for distributors, ISOs, retailers, carriers and service providers alike.