Wipit has updated its mobile application to allow consumers to make payments by displaying a bar code at the point of sale.
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The app also supports closed-loop payment cards and Near Field Communication-based payments,
Wipit also offers a reloadable prepaid card, in-app services and e-commerce payment options from a stored-value mobile wallet. Consumers can load accounts by adding cash at retail locations, setting up direct deposit, or using remote check deposit.
The company said its payment service targets mobile consumers who are either unbanked or underbanked. According to the Federal Deposit Insurance Corp., this market accounts for 28% of all U.S. households.
