By using the Genius Wallet, the unbanked population of the world, which accounts to two billion people, will be able to experience the security and convenience of financial services via their smartphones.
Officials said that the global mobile wallet platform, with its broad functionality will also support retailers, financial institutions and mobile operators in meeting the needs of their customers including remittances, mobile phone top-ups, and bill payments.
"Our Genius Wallet brings every mobile phone user, including the unbanked, into a secure, convenient, and efficient financial ecosystem," says Greg Corona, CEO, Mozido LLC. "It offers opportunity and hope for a huge population worldwide, empowering them to enjoy a broad range of banking and financial services often for the first time, using their mobile phone."
This will enable remittances services for approved programs at 256,000 MoneyGram locations in 192 countries and will allow clients to provide sending and receiving remittance services to customers through the Genius Wallet application.
Additionally, advertisers will also be able to reach under banked customers, who were previously unreachable, through a direct-to-consumer interface built into the Genius Wallet.
"After having led Citigroup as President and COO, and taken Priceline public as Chairman and CEO, I have not come across a financial service system as potentially game-changing as Mozido's Genius Wallet," says Mozido Chairman Richard Braddock. "I am excited about providing solutions all over the world to billions of unbanked customers who are currently underserved, just as we will for banked customers as we will address in future releases."