Bill-payment processor Tio Networks Corp. is making headway with its mobile bill-payment application.
The Vancouver, Canada-based company, which initiated its first efforts to promote its mobile bill payment application for Pacific Gas and Electric in the fiscal third quarter ended April 30, processed 50,000 mobile bill payments, Hamed Shahbazi, company president and CEO, told analysts during a June 28 conference call to discuss earnings.
Tio promoted the mobile bill-payments application by using billboards in the San Francisco Bay area and through an “aggressive iAds campaign through Apple,” Shahbazi said. The app was rated as one of the top 50 free finance apps that are available on the Apple App Store, he noted.
Tio signed the deal to process payments via iPhone for Pacific Gas and Electric in May 2010 (
Tio also reported during the analyst call that it continues to work on development and engineering efforts for its mobile-app business.
“Tio plans to launch Android, Blackberry, iPad and mobile-optimized Web versions of the same [iPhone] app,” Shahbazi said. “Tio is also keenly focused on building its first-mover advantage in the smartphone bill-payment market by deploying similar apps for large-scale billers in addition to generic versions that could support any biller.”
Tio Network’s main business has been providing bill-payment kiosks and locations for consumers. As of April 30, the company had 57,618 locations and added 1,290 more since the quarter ended, Shahbazi said during the call. That figure includes 1,314 self-service automated kiosks, 4,639 locations with clerk-assisted bill-payment services and 52,955 locations where the Tio services are offered in a clerk-assisted capacity via a partner’s payment platform.
For the third quarter, Tio reported revenue of $9.47 million, up 13.4% from $8.35 million during the same period last year. It reported a net loss of $34,844, an improvement from the $368,592 loss reported a year earlier.
The network processed 3.94 million transactions during the quarter, up 19.4% from 3.3 million during the same quarter last year.
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