OLB Group Announces New Product, MOOLA Pay, a Mastercard Pre-Paid Card Providing Banking Services to the Unbanked and Underbanked Community
Rhea-AI Summary
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.
Positive
- 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
Negative
- Product launch delayed until Q1 2025
- Significant competition in the prepaid card market
- Success dependent on adoption by both merchants and consumers
News Market Reaction
On the day this news was published, OLB gained 22.22%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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
FAQ
When will OLB Group launch MOOLA Pay?
How many locations will offer MOOLA Pay services?
What features does MOOLA Pay offer to customers?
What services does MOOLA Pay provide for bodega owners?
