NEWPORT BEACH, Calif. April 19, 2012
Bank Freedom provides financial services, including prepaid debit cards, to underbanked consumers. PrepaYd, Inc. also owns PrepaYd Wireless, a wireless phone provider that offers cell phones to consumers without the requirement of a long-term contract or the ability to prove credit worthiness.
With FIS Mobile at its center, PrepaYd, Inc. will launch a new mobile application targeted to the underbanked market that combines PrepaYd Wireless’ cellular phone service and Bank Freedom’s prepaid debit card programs. The new mobile application will enable consumers to manage their finances remotely via a mobile phone – including checking balances, paying bills, viewing recent account activity and managing multiple cards. In addition to having transaction alerts sent to the mobile phone, consumers will also have the ability to manage funds via text message – including the ability to send payments to other consumers and businesses. The application empowers a population that typically is excluded from the growing trend of mobile financial management because they do not possess a traditional bank account and may not have the credit record typically required for a cellular phone contract. The application will be available for iPhone®, Android™, BlackBerry® and other Internet-enabled mobile phones.
About Bank Freedom and PrepaYd, Inc.
PrepaYd, Inc. is a provider of financial services in the prepaid debit card industry and is in the process of becoming a prepaid wireless phone provider. The company, through one of its wholly-owned subsidiaries, Bank Freedom, offers prepaid debit cards to America’s estimated 60 million underbanked citizens. In addition to the underbanked consumer demographic, small and mid-size businesses have found a much needed product with the company’s Prepaid Business Expense Card Program. With the diminishing credit card markets, companies need a new way to fund employees’ expenses other than through traditional credit cards or cash reimbursements. Through another wholly-owned subsidiary, PrepaYd Wireless, the company intends to offer mobile services to an estimated 110 million consumer demographic. Prepaid Wireless Services is an alternative to the traditional Postpaid Wireless Service Plans provided by major carriers. In addition, PrepaYd Wireless offers mobile phones and wireless plans compatible for mobile financial services.
Jacksonville, Fla. www.fisglobal.com
This news release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company’s Form 10-K and other filings with the Securities and Exchange Commission.
SOURCE PrepaYd, Inc.