Wipit, Inc., a Pasadena, CA-based Mobile payments company, received an investment of undisclosed amount from H&R Block (NYSE: HRB), a provider of tax preparation and financial services.
H&R Block made the investment to add advanced mobile payment solutions for its clients. As part of the partnership, H&R Block Emerald Prepaid MasterCard® clients will be able to utilize a virtual wallet to make convenient purchases from their smartphones.
Led by CEO Richard Kang, Wipit provides software-based payment service aimed at mobile consumers who are underbanked. In this way, merchants who add the solution as an accepted payment method on their mobile app or website will have the ability to offer their products and services to this growing market of consumers.
In late 2011, the company signed an agreement with Euronet Worldwide, Inc., a global electronic payments provider and distributor, to enable clients to use the store locator feature in the program to find a convenient Euronet-enabled retail location and add funds to their Wipit mobile wallet account.
Wipit’s service also allows mobile consumers to pay for purchases in mobile apps or online, using prepaid cash.