PreCash Launches Cash-Based Bill Payment Service, Evolve Money

PreCash, a Houston, Texas based payment and transaction processor has announced the launch of Evolve Money.

Evolve Money is a new payment service which allows primarily cash-based consumers to pay their bills digitally. The service is offered as an application for mobile devices, or as a website on desktops that allows users to link their bills and manage their finances.

This could potentially be an excellent tool for American consumers who are unbanked or who don’t use credit to have access to a way to make payments quickly.

Making bill payments involve purchasing a payment pack (similar to a gift card) which costs $3.00 or $3.95 from participating retail locations, loading it with cash, and then entering a PIN number. Payments are typically processed within two days while same day processing costs $1.50.

Evolve Money will also soon support Discover, MasterCard, and Visa debit and prepaid card linking for payments as well.

As more products and services come to the mobile space, consumers will expect greater simplicity and speed. PreCash fills a niche by delivering this speed and simplicity to a consumer group that is traditionally underserved and who does not have access to convenient financial services.

It allows these same consumers to experience a bank-like management of finances, without having to have an account with one.