This week at Finovate Fall, PreCash presented Flip Money. Flip Money is a mobile check deposit app where people can cash checks immediately for a fee and do free bill payments. Bill payments are expedited without fees. Users don’t need a bank account. Read the company’s blog post.
This is a great mobile app for the unbanked. The Flip Money app will first launch on Android which is great because many of the target market may use prepaid Android phones that are phone sold by Boost Mobile, Metro PCS, and/or Virgin Mobile.
FlipMoney is going to be particularly important next year as SSI payments (Social Security) will be electronic starting March 2013.