CellPay Launches ZivoMoney Prepaid Visa Card for Unbanked Consumers
News related to:CellPay · 2 min read
CellPay, a Texas-based payments platform, has launched ZivoMoney, a prepaid Visa card that can be added to Apple Pay and Google Pay on the same day it is purchased. The move aims to bridge the gap between cash-based transactions and digital payments, catering to millions of unbanked and underbanked U.S. households.
According to the Federal Deposit Insurance Corporation (FDIC), nearly 25 million U.S. households are unbanked or underbanked. ZivoMoney, which can be loaded with cash at participating retailers, offers a straightforward solution for these individuals to enjoy the benefits of digital payments. The card can be immediately added to Apple Pay or Google Pay, allowing users to make purchases both in-store and online without the need for a bank account or credit check.
Parvez "Peter" Jasani, the Founder and CEO of CellPay, highlighted the necessity of addressing this demographic. "Fintech keeps building for people who already have five apps and three credit cards," Jasani said. "We build for the person who gets paid Friday in cash and needs to buy something online Friday night. ZivoMoney turns that cash into tap-to-pay before they have walked back to their car."
ZivoMoney is designed to be wallet-ready, meaning it can be easily added to mobile wallets like Apple Pay or Google Pay. The card is accepted wherever Visa debit cards are accepted in the United States and has a single load limit of up to $999.99, which is non-reloadable and does not allow ATM withdrawals. Fees for the service vary by participating retailer and are disclosed before purchase.
CellPay's API, which is now available to retailers, platforms, and fintechs, allows them to embed ZivoMoney into their own customer offerings without having to build a card program from scratch. This API-ready feature makes ZivoMoney a versatile solution for businesses looking to cater to the unbanked or underbanked population.
Berkeley Payment Solutions serves as the program manager for ZivoMoney. Lawrence Tepperman, CEO of Berkeley Payment Solutions, emphasized the collaboration's focus on serving the needs of customers. "CellPay knows exactly who they serve," Tepperman said. "Our role was to turn that understanding into a live card program fast, and to stand behind the rails so it just works. That is what Berkeley exists to do."
The ZivoMoney Single Load Visa Prepaid Card is issued by Sunrise Banks, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. For cardholder support, users can contact 1-888-988-7348. Businesses interested in API access can inquire at zivomoney.com.
CellPay, founded in 2016, has processed more than $1 billion in transactions across 1,000+ retail locations nationwide. The company has been a leader in providing prepaid wireless, bill payment, gift card, and prepaid card products, with a track record of rapid growth and innovation.