Vending

Smart Pay Solutions intros financial kiosks for the unbanked and underbanked

Image provided by Smart Pay Solutions LLC.

June 21, 2023

Smart Pay Solutions LLC, based in Portland, Oregon, has introduced its Smart Pay Kiosk to provide financial services to the unbanked and underbanked, according to a press release.

TIO Networks, a bill payment processor, processed over $7 billion in payments in 2016 for 14 million accounts through 65,000 locations and 900 kiosks, according to the press release. TIO demonstrated significant potential demand among the underserved, but was shut down over security concerns, according to the press release.

Smart Pay plans to serve these customers with a more robust and secure technology platform, providing bill payment, check cashing and money transfer services through partnerships with third-party providers.

Smart Pay has partnered with Maya Labs, known for financial applications and regulatory compliance, and Genmega Inc., a kiosk manufacturer that has deployed over 150,000 financial kiosks since 2006.