PayToo and City National Bank of New Jersey Launch Mobile Wallet
City National Bank of New Jersey and PayToo will launch a mobile wallet for banked and unbanked consumers, the two companies have announced. The wallet will enable banking, mobile phone top-ups, bill pay, P2P money transfers and other tasks. Consumers using the service will have access to PayToo’s network of 200,000 cardless ATMs and biometric kiosks, and will be able to make withdrawals from City National Bank’s network of 55,000 surcharge-free ATMs.
The launch comes at a lively time for the mobile wallet space, with Apple Pay, Android Pay, Samsung Pay and others competing for consumer loyalty. “The PayToo mobile wallet is totally different,” says Michel Poignant, founder and CEO of PayToo. “Through this strategic alliance, PayToo is an actual alternative to a traditional bank, where consumers will have the security of FDIC insurance and the convenience of a mobile wallet account.”
PayToo is marketing the mobile wallet directly to consumers, but Poignant says the company’s partnerships with money transmitters, payroll companies, micro-loan solutions companies and other financial services providers will help them reach and provide ideal services for the unbanked consumer. It is a virtual mobile solution and doesn’t have any companion plastic cards, which Poignant believes is the future of banking. The company’s Go Paytoo payment tool enables merchants to accept different forms of payment. “All customers, banked or unbanked, can use this system as they can pay by credit card, using NFC or the PayToo wallet,” a spokesperson says.
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