Usio’s Card Issuing Platform Enables MOBILEMONEY’S Innovative Reverse ATM Kiosks to Issue Hundreds of Thousands of Cards at Cashless Venues and Events
Partnership Expanding to Support MOBILEMONEY’s New General Purpose Reloadable Card Issuance (GPR Cards) and Virtual Cards
SAN ANTONIO–(BUSINESS WIRE)–Usio, Inc. (NASDAQ: USIO), a leading FinTech company that operates a full stack, cloud-based payment platform supporting integrated acceptance and card issuing solutions, provides the following update on its partnership with MOBILEMONEY. A trailblazer in the mobile financial services industry, MOBILEMONEY provides kiosks, hardware, software, installation, on-site training, cash management, and back-end administrative support to a variety of markets including convenience stores, special events, gaming facilities, hospitality, and other businesses throughout the country. Their experience and client base demonstrate Usio’s commitment and ability to support unique financial solutions that serve specialized markets.
In 2021, MOBILEMONEY chose Usio’s proprietary card issuing platform to power its self-service kiosks that enable cashless transactions. Since the launch, MOBILEMONEY’S kiosks have issued approximately 470,000 cards, resulting in dollar transaction processing volume that grew 600% in 2023. Our recently expanded partnership powers MOBILEMONEY kiosks to disburse reloadable card accounts with plans to further expand the partnership by supporting virtual card issuance. The continued collaboration will enhance customer convenience and accessibility by enabling a novel combination of physical and virtual card issuance.
A growing number of venues are moving toward cashless transactions, a trend which accelerated during the pandemic. The trend has continued with venues recognizing cashless payments speed transactions and increase customer spend. MOBILEMONEY‘S reverse ATM kiosks enable consumers without a credit or debit card the ability to convert cash to a prepaid card they can then use to purchase food, merchandise and sundries at the growing number of events and locations that only accept cashless transaction.
Louis Hoch, CEO of Usio, expressed excitement about the ongoing collaboration stating, “At Usio, we are proud to partner with MOBILEMONEY and support the development and deployment of their innovative electronic payment solutions. The success of the initial reverse ATM kiosk program highlights the versatility of our card issuing platform and the impact we are making in mobile financial services. We are committed to fostering evolution in digital payments, and the expansion into General Purpose Reloadable and Virtual Prepaid Cards illustrates a key element of our growth strategy – strategic partnerships with innovative clients, such as MOBILEMONEY, that help support their growth.”
Larry Dunnwald, CEO of MOBILEMONEY, added, “I am very pleased with the success of our partnership with Usio. They clearly understand the need to provide today’s on-the-go consumer with unparalleled financial flexibility and accessibility. The growth of this program demonstrates the demand for our unique solutions. Collaborating with Usio has helped enable MOBILEMONEY to maintain a reputation for reliability, integrity and respect while generating positive experiences for our clients and their customers. We are excited to continue to work with Usio and push the boundaries of mobile banking and payment solutions.”
About MOBILEMONEY
MOBILEMONEY is a pioneering force in the mobile financial services industry. Dedicated to providing innovative solutions, MOBILEMONEY empowers individuals and businesses with seamless finance management technology and continues to redefine the possibilities of mobile banking and payment services through its commitment to financial inclusion.
www.mobilemoney.net
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About Usio, Inc.
Usio, Inc. (Nasdaq: USIO), a leading, cloud-based, integrated FinTech electronic payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, integrated software vendors and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to their clients through its unique payment facilitation platform as a service. The company, through its Usio Output Solutions division, offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the card issuing sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas. Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook® and Twitter.
FORWARD-LOOKING STATEMENTS DISCLAIMER
Except for the historical information contained herein, the matters discussed in this press release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management’s intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as “believe,” “should,” “intend,” “look forward,” “anticipate,” “schedule,” and “expect” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks related to an economic downturn, the realization of opportunities from the IMS acquisition, the management of the Company’s growth, the loss of key resellers, the relationships with the Automated Clearing House network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2023. One or more of these factors have affected, and in the future could affect, the Company’s businesses and financial results and could cause actual results to differ materially from plans and projections. Although the Company believes that the assumptions underlying the forward-looking statements included in this press release are reasonable, the Company can give no assurance such assumptions will prove to be correct. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this press release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.
Contacts
Paul Manley
Senior Vice President, Investor Relations
[email protected]
612-834-1804
