MPayy issues accounts to both consumers and businesses, and settles transactions via the automated clearinghouse (ACH) network. MPayy does not use the Visa or MasterCard networks.

“The strategy is to extend mPayy’s system and payment tools – P2P, Android, iPhone, ecommerce, emerging mobile commerce, contactless payments – to those people who have pre-paid debit cards,” said Conrad Sheehan, Chicago-based founder/CEO of mPayy, a secure online and mobile debit payment network.
 
“We had customers calling and emailing to connect their pre-paid card with mPayy,” he said. “We looked at how to do it safely and securely and with no fees and did it.”

Unbanked
Adding pre-paid debit cards to the mix expands mPayy’s offering for the unbanked and opens up the world of mobile payments to those who do not have a checking account.

MPayy’s architecture enables a wide array of payments including ecommerce payments via multiple online checkout models.

The company also enables mobile commerce via the mobile Web, iPhone and Android applications.

The service allows bill payment via mobile and email invoices. Contactless payments via cards and RFID stickers for mobile devices are also available. 

Free online and P2P
Additionally, the unbanked will now have access to free online and mobile person-to-person payments.

MPayy also provides free accounts that can be used to make online and mobile payments by the banked and under-banked alike.

Adding ACH-enabled pre-paid debit cards, mPayy makes it even simpler for those who do not have, or choose not to have, bank accounts to send money to friends and family including students, military, the elderly and riders of public transit systems.

It is a totally free system for consumers to make and receive payments from friends and family, as well as ecommerce and mobile commerce purchases.

Use of the pre-paid debit cards with the mPayy system may, in some instances, incur usage fees from the pre-paid debit card provider, and mPayy-issued debits may not be available with all pre-paid debit cards.

“Mobile financial services in the U.S. are in two states: mobile banking is simple information such as balance and activity, and mobile payments are essentially remote payments via mobile Web and applications,” Mr. Sheehan said. “Ebay and Amazon report high growth in mobile commerce on their stores. 

“Mobile contactless/NFC are in the very early stages, looking for the right business model,” he said.

Final take
Giselle Tsirulnik is senior editor of Mobile Marketer