SOURCE: WingCash

WingCash

September 24, 2014 13:01 ET

WingCash Announces Partnership With Clip at FinovateFall 2014

WingCash Expands Internationally With New Collaboration

NEW YORK, NY--(Marketwired - Sep 24, 2014) - WingCash today announced a strategic partnership with Clip, Inc., a San Francisco and Mexico City-based payment processor and merchant acquirer. The collaboration launches the WingCash mobile wallet platform internationally and creates opportunities for the company to grow its consumer base among merchants and consumers in Mexico.

Clip provides merchants with a proprietary software, hardware and payment network that enables users in Mexico to accept credit card payments through their smartphones and tablets. The WingCash system of smart wallets adds functionality for Clip that enables merchants to create effective gift and loyalty programs using an eWallet and brand cash without investing in the production of plastic gift and loyalty card programs. For consumers, this eliminates the need to carry multiple merchant-specific gift and loyalty cards.

"The WingCash and Clip solution marries digital gift and loyalty programs with existing payment cards," said Bradley Wilkes, CEO of WingCash. "Gift or loyalty cash can be seamlessly integrated into the merchant's platform by the WingCash online wallet, and it can all be accessed through a single swipe or dip of a debit or credit card. We are creating new marketing and loyalty possibilities for merchants in Mexico, more convenient payment methods for customers and increased transaction opportunities for processors."

Clip Co-founder and CTO Vilash Poovala, said that before Clip, a merchant in Mexico had to go through more than 35 steps to get a point-of-sale terminal that could accept credit and debit cards. Clip cuts that process to three easy steps. This empowers small and medium-sized businesses to have the ability to accept payment cards without the hefty administrative costs usually required to maintain an active, fixed point-of-sale terminal.

"Every merchant wants repeat customers. Clip and WingCash will make a significant impact in the Mexico market by providing a simple, low-cost monetization platform for merchants and a very convenient solution for customers, who can use their everyday credit or debit cards to acquire, track and redeem merchant-branded cash. This is a system with minimal friction," Poovala said.

WingCash also provides merchants with customized brand cash inside the consumers' wallet app, which increases branding opportunities for the merchants. Brand cash works for both in-person and internet orders. The brand cash can be shared with friends on social media or via email, increasing the viral adoption of the loyalty and gift offering in market.

WingCash made this announcement at FinovateFall 2014, a demo-based conference for innovative startups and established companies in the fields of banking and financial technology. Held in New York, the event offers an insight-packed glimpse of the future of money.

About WingCash: WingCash is an innovative system of electronic wallets that combines payments and promotions with digital currency. WingCash gives consumers a convenient, secure, cloud-based wallet that holds payment cards, national currencies, and brand cash. It gives businesses a low-cost way of branding themselves within a wallet and driving their loyalty/rewards programs. Financial institutions can participate by earning transfer fees, by holding cash as it circulates and by having a payment card it issues enrolled in the wallet. For more information, visit www.wingcash.com.

About Clip: Clip, a proprietary hardware and software platform for mPOS (mobile point-of-sale) payments that allows merchants in emerging markets to accept all cards in a few simple steps. For more information, visit www.clip.mx.

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