i-movo has been awarded the ‘Best Alternative Payments Programme’ for its CashOut secure digital voucher system at the 2013 Card & Payments Awards. i-movo’s triumph saw it beat some formidable competition from Barclaycard’s Precisionpay, WorldPay and O2 Money among others.
The judges recognised i-movo as a “simple but highly effective payment method” and “an innovative solution that answers a pressing need amongst the unbanked and which also makes sense for commercial stakeholders.” Vouchers issued by i-movo clients for redemptions, promotions, rebates and rewards can be redeemed at any of the 24,000 convenience stores, newsagents, forecourts and supermarkets in the PayPoint retail network.
“Our CashOut vouchers are used by major companies to make cash payments to their customers,” said David Tymm, CEO of i-movo. “As retailers are paying out their own cash from their tills, they need to have absolute trust in our and PayPoint’s systems. We are pleased to have earned the trust of PayPoint’s network of 24,000 retailers by ensuring every CashOut payment they make is reimbursed to them automatically within six days and without dispute.”
“Offering our major energy and utility clients a cost-effective alternative to cheques to make cash payments to their customers has resulted in over five million visits to PayPoint retailers, driving valuable footfall and saving them banking charges on around £20 million of cash,” commented Seamus Smith, Managing Director of PayPoint UK & Ireland. “The payments made under CashOut have additionally benefited our retailers as a high percentage of these funds are immediately spent in their shops.”
About i-movo
i-movo is the UK’s leading secure digital voucher service, with over 50,000 locations across the whole of the UK where its digital vouchers can be redeemed. The system enables vouchers distributed by SMS, email or direct mail to be accepted by retailers as a trusted form of payment; i-movo vouchers are validated in real-time to avoid over-use or fraud. This also means retailers are reimbursed within days, and without voucher counting, and brands for the first time know who has redeemed their voucher, where and when.
i-movo’s patented use of existing payment technology enables it to be integrated to any retail system with minimal effort. Clients of the service include BP, Coca-Cola, Financial Times, glaxosmithkline and Telegraph Media Group, together with many of the UK’s energy companies, mobile phone operators and financial institutions