On Tuesday, mobile payments company Wipit announced an investment by tax preparation giant H&R Block with the intent to provide the latest innovations in mobile payment solutions to their clients.
According to details made available this morning, the strategic partnership aligns with H&R Block’s focus on innovation and extending value-added financial services to clients of H&R Block.
As part of this service, it is planned that H&R Block Emerald Prepaid MasterCard clients will be able to utilize a virtual wallet to make convenient purchases from their smartphones.
“Wipit’s payment service is aimed at mobile consumers who are underbanked,” the mobile payments company says, “a target market that overlaps a large segment of H&R Block’s customer base and that allows both companies to cross brand and cross promote products and services.”
In a nutshell, merchants who add Wipit as an accepted payment method on their mobile app or website will benefit from the ability to offer their products and services to this market of unbanked consumers.
“The underbanked consumer represents an entirely different market opportunity for merchants. We’re excited about our partnership with H&R Block and the tremendous value we can jointly offer cash preferred consumers and the merchants who serve them,” says Wipit, Inc. CEO Richard Kang.