Cachet Financial Solutions, Inc., a leading provider of cloud-based SaaS mobile money management technology to banks, credit unions and alternative financial services (AFS) providers, has expanded the feature set of its award-winning Select Mobile Money platform to include integration with Apple Pay for point-of-sale transactions.
iPhone 6 or iPhone 6 Plus users simply click the Apple Pay icon from within their white label Select Mobile Money app, bringing their prepaid card as top-of-wallet within Passbook to securely complete the transaction with Apple Pay. The Select Mobile Money app then automatically presents the details of the transaction along with an updated account balance. This complete integration with iOS and Apple Pay represents another Cachet first for the mobile money industry.
“One of our major banking clients reports that more than 20% of their prepaid card customers use either an iPhone 6 or iPhone 6 Plus, so this new Apple Pay feature presents a significant opportunity to increase the number of transactions conducted on our mobile money platform,” noted Jeffrey Mack, president and CEO of Cachet Financial Solutions.
“By improving the end user experience when it comes to retail transactions, we expect this unique feature to attract new prepaid users to our clients, as well as bring new banks, credit unions and AFS providers to Cachet,” continued Mack. “Our clients’ prepaid card users have long had the ability to perform a full range of banking functions through our Select Mobile Money app. Now, with this new option, they can make secure and convenient point-of-sale transactions with their iPhone.”
Cachet’s Select Mobile Money platform empowers end users with a mobile platform that replicates all the main services available as a physical bank or credit union. This includes account management, transaction history, card to card transfer, bill pay, remittance and check to card loading with “instant good funds” via check guarantee partner, Ingo Money.
Apple Pay integration is available immediately to Select Mobile Money platform clients as an upgrade or an additional option for new clients.