TIO Networks has created a native bill pay app for El Paso Electric, which supplies power to 380,000 customers in Texas and New Mexico. The app allows customers to pay their bill on their iPhone or Android with a credit card, debit card or ACH. It also allows for expedited, same-day processing to prevent them from falling behind.
TIO has already begun redefining the “mobile wallet” and bringing it to the underbanked with a suite of products taken for granted by those with a checking account. Apps tailored specifically for the companies that people need to pay bills t.
With enough apps, the bank account will indeed lose its edge — at least on paper.