OLB Group Announces New Product, MOOLA Pay, a Mastercard Pre-Paid Card Providing Banking Services to the Unbanked and Underbanked Community
OLB Group has announced the launch of MOOLA Pay, a Mastercard pre-paid card solution targeting the unbanked and underbanked community, scheduled for release in Q1 2025. The service will be distributed through a network of 31,600 convenience stores and bodegas across the United States. MOOLA Pay offers comprehensive features including virtual wallet capabilities, bill payments for over 30,000 utility companies, cross-border payments, rewards programs, and remote paycheck deposits. The platform also provides business solutions for bodega owners, including prepaid business cards, POS systems with inventory management, and state-of-art kiosks.
OLB Group ha annunciato il lancio di MOOLA Pay, una soluzione di carta prepagata Mastercard destinata alla comunità non bancarizzata e sottobancarizzata, prevista per il rilascio nel primo trimestre del 2025. Il servizio sarà distribuito attraverso una rete di 31.600 negozi di convenienza e bodega in tutto il territorio degli Stati Uniti. MOOLA Pay offre funzionalità complete che includono capacità di portafoglio virtuale, pagamenti delle bollette per oltre 30.000 aziende di utilità, pagamenti transfrontalieri, programmi di ricompensa e depositi di stipendi remoti. La piattaforma fornisce anche soluzioni aziendali per i proprietari di bodega, tra cui carte prepagate per le aziende, sistemi POS con gestione dell'inventario e chioschi all'avanguardia.
OLB Group ha anunciado el lanzamiento de MOOLA Pay, una solución de tarjeta de prepago Mastercard dirigida a la comunidad sin acceso bancario y subbancario, programada para su lanzamiento en el primer trimestre de 2025. El servicio se distribuirá a través de una red de 31,600 tiendas de conveniencia y bodegas en los Estados Unidos. MOOLA Pay ofrece características completas que incluyen capacidades de billetera virtual, pagos de facturas para más de 30,000 compañías de servicios públicos, pagos transfronterizos, programas de recompensas y depósitos remotos de nómina. La plataforma también proporciona soluciones comerciales para los propietarios de bodegas, incluidas tarjetas de negocio prepagadas, sistemas POS con gestión de inventario y quioscos de última generación.
OLB 그룹은 MOOLA Pay의 출시를 발표했습니다. 이 Mastercard 선불 카드 솔루션은 은행 계좌가 없는 커뮤니티와 저소득층을 대상으로 하며, 2025년 1분기에 출시될 예정입니다. 이 서비스는 미국 전역에 있는 31,600개의 편의점 및 보데가 네트워크를 통해 배포됩니다. MOOLA Pay는 가상 지갑 기능, 30,000개 이상의 공공 요금 납부, 해외 송금, 리워드 프로그램, 원격 급여 입금 등 포괄적인 기능을 제공합니다. 이 플랫폼은 또한 보데가 소유자를 위한 비즈니스 솔루션을 제공하며, 여기에는 선불 비즈니스 카드, 재고 관리 기능이 포함된 POS 시스템, 최첨단 키오스크가 포함됩니다.
OLB Group a annoncé le lancement de MOOLA Pay, une solution de carte prépayée Mastercard destinée aux communautés non bancarisées et sous-bancarisées, prévue pour une sortie au premier trimestre 2025. Le service sera distribué via un réseau de 31.600 magasins de proximité et bodegas à travers les États-Unis. MOOLA Pay offre des fonctionnalités complètes, y compris des capacités de portefeuille virtuel, des paiements de factures pour plus de 30.000 entreprises de services publics, des paiements transfrontaliers, des programmes de récompenses, ainsi que des dépôts de paiements à distance. La plateforme propose également des solutions commerciales pour les propriétaires de bodegas, y compris des cartes de paiement prépayées, des systèmes de point de vente avec gestion des stocks et des kiosques à la fine pointe de la technologie.
OLB Group hat die Einführung von MOOLA Pay angekündigt, einer Mastercard Prepaid-Kartenlösung, die sich an die unbanked und underbanked Gemeinschaft richtet und für das erste Quartal 2025 geplant ist. Der Service wird über ein Netzwerk von 31.600 Convenience-Stores und Bodegas in den Vereinigten Staaten verteilt. MOOLA Pay bietet umfassende Funktionen, darunter virtuelle Wallet-Funktionen, Rechnungszahlungen für über 30.000 Versorgungsunternehmen, grenzüberschreitende Zahlungen, Treueprogramme und Remote-Zahlungsabwicklungen. Die Plattform bietet auch Geschäftslösungen für Bodega-Eigentümer, einschließlich Prepaid-Geschäftskarten, POS-Systeme mit Inventarverwaltung und moderne Kioske.
- Large distribution network of 31,600 convenience stores and bodegas
- Comprehensive financial service offering targeting underserved market segment
- Integration of merchant services with consumer banking features
- Multiple revenue streams through various financial services
- Product launch delayed until Q1 2025
- Significant competition in the prepaid card market
- Success dependent on adoption by both merchants and consumers
Insights
The launch of MOOLA Pay represents a strategic move into the underserved financial services market, targeting a significant opportunity in the unbanked and underbanked sector. With 31,600 convenience stores and bodegas in their distribution network, OLB Group is positioning itself to capture a share of the lucrative financial services market for underserved communities. The comprehensive feature set, including prepaid Mastercards, bill payments and cross-border payment capabilities, addresses key pain points for this demographic. The integration with their existing POS systems and merchant services creates a potential for multiple revenue streams through transaction fees, card fees and merchant services. However, the Q1 2025 launch timeline means significant market conditions could change before implementation and success will depend heavily on merchant adoption and customer acquisition costs.
The unbanked and underbanked market represents a substantial opportunity, with approximately 7.1 million unbanked households in the US. MOOLA Pay's comprehensive solution, including virtual wallet capabilities, bill payments and cross-border transfers, directly addresses the financial needs of this demographic. The bodega-focused distribution strategy is clever, targeting establishments that already serve as informal financial service points in underbanked communities. However, the market is increasingly competitive with established players like Green Dot and emerging fintech solutions. The delayed launch timeline to 2025 could allow competitors to strengthen their market position, potentially impacting OLB's ability to capture significant market share.
MOOLA Pay Card to Launch in First Quarter, 2025, Developed to Meet the Unique Needs of the Underbanked and Unbanked
NEW YORK, NY / ACCESSWIRE / November 21, 2024 / The OLB Group, Inc., (NASDAQ:OLB), a diversified Fintech eCommerce merchant services provider and Bitcoin mining enterprise, announced today the introduction of MOOLA Pay through MOOLA Cloud moolacloud.com, an innovative and proprietary solution for the unbanked and under banked consumer sector serviced by bodegas and convenience stores in the region. With a scheduled market launch in the First Quarter of 2025, OLB Group will dramatically expand its merchant services offerings.
Ronny Yakov, CEO of OLB Group, said, "After an extensive development process, we are extremely excited to launch MOOLA Pay planned in the First Quarter, 2025. The new services and features are not only for mobile services and downloadable gift cards, but also for mobile Top-Up to a Point of Banking (POB) terminal."
Patrick Smith, VP Finance of OLB Group, added "With a distribution network of31,600 convenient stores and bodegas in the United States for MOOLA Pay, we look forward to a rapid rollout after launch."
Services for Bodega Customers include:
Prepaid Mastercard
Virtual and physical payment capability
Virtual Wallet with multiple payment and loyalty capabilities by FDIC insured Bank
Bill payments for services including utilities of over 30,000 utility and service companies nation-wide.
Option for multiple cards issued for same account
Cross Border payments paid through the card of family members
Rewards, coupons and discount on mobile services, including pre-paid cell phone plans
Enables cardholders to reload money from OLB's authorized locations
Instant alerts on discounts and promotions
Peer-to-Peer money transfers
Remote deposit of paychecks
Cash deposit to prepaid card
Card enrollment Online - In store - on Mobile
Tap & Pay anywhere with Virtual Wallet
Services include For Bodegas Owners
Prepaid business cards for owners by MOOLA Pay
Transfer funds from account to account and load cash to the MOOLA Pay card
Point of Sale (POS) system syncs with the prepaid cards of the consumers
POS includes inventory management
Offering state-of-art kiosks in selected locations
About OLB Group, Inc.
The OLB Group, Inc. is a diversified Fintech eCommerce merchant services provider and Bitcoin mining enterprise. The Company's eCommerce platform delivers cloud-based merchant services for a comprehensive digital commerce solution to merchants in all 50 states. In addition, through its ownership of the MOOLA Cloud and Black 011 platform, OLB Group can provide its services to an additional network of 31,600 convenient stores and bodegas in the United States. DMint, a wholly owned subsidiary of OLB Group, is engaged in the mining of Bitcoin in a facility in Tennessee utilizing sustainable hydroelectric and solar power.
Contacts
OLB Group Investor Relations
Rick Lutz
ir@OLB.com
(212) 278-0900 Ext. 333
SOURCE: The OLB Group, Inc.
View the original press release on accesswire.com
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