LOS ANGELES, May 17, 2013 /PRNewswire/ -- Source Financial, Inc. (OTCQB: SRCF) ("Source Financial", or "the Company") today announces the availability of the WikiPay Payment Network at www.wikipay.com, a proprietary mobile and online cash-based money transfer and payment service ("WikiPay"). WikiPay enables all consumers, banked or unbanked, with any PC or mobile device to send money for $1.00 on any phone, anytime, anywhere.
"We have succeeded in building the fastest, most efficient, secure and inexpensive payment network by eliminating the legacy that has plagued the US banking industry for decades," said Ted DeFeudis, President and CEO of Source Financial. "We view today's launch as a major tipping point in the money transfer and payments industry, and are proud to be the leaders."
WikiPay offers five critical consumer benefits necessary for mass adoption: Low Cost, Simplicity, Security, Compatibility and Privacy.
WikiPay is Low Cost
Users can sign up for free and send funds for a flat fee of $1.00.
WikiPay is Simple
WikiPay offers an easy and straightforward experience, allowing users to make social payments without having to download additional software or acquire new hardware.
WikiPay is Secure
WikiPay understands that security is the cornerstone of a successful payment network. To that end, we adhere to the same strict standards as US national banks by employing the highest level of encryption, fraud prevention and authentication.
WikiPay is Compatible
WikiPay is compatible with existing payment technologies enabling transactions through a variety of payment networks (banks, ATMs, debit/credit cards, etc.). Its compliance with US banking standards ensures reliable and secure authorization, processing and settlement for users, merchants and partners.
WikiPay is Private
WikiPay maintains very advanced physical, electronic and procedural safeguards that comply with federal regulations to guard its users' nonpublic personal information. With WikiPay, consumers do not have to worry that their private information will be exposed to fraud or other security threats.
"Our payment network is second to none and was designed to allow the greatest ease of use and flexibility for all types of users, " said Marco Garibaldi, Source Financial, Chairman and CTO. "WikiPay works on smartphones, dumb phones, tablets, desktop PCs or any device with Internet access. Neither payee nor payer needs extra devices or merchant accounts. WikiPay makes Square and all other credit card swipers obsolete. WikiPay completely redefines how people pay or get paid."
How WikiPay Works
A WikiPay transaction can be completed within minutes in four simple steps:
- Visit www.wikipay.com
- Sign up for an account
- Link your bank account
- Send/Receive money
ABOUT SOURCE FINANCIAL, INC.
Source Financial, Inc., through its subsidiary WikiTechnologies, Inc., owns and operates two proprietary state-of-the-art technology platforms, WikiPay and WikiLoan.
WikiPay, a Money Service Business, is a low-cost, mobile and online money transfer and payment solution operating through all 50 United States. For more information, please visit: www.wikipay.com.
WikiLoan is a low-cost peer-to-peer lending platform that works through the participation and collaboration of family and friends through social networks. The company's website www.wikiloan.com provides repayment schedules and documentation for loans, along with proprietary administrative tools, which enable users to securely pull credit reports and automate the loan repayment process.
FORWARD LOOKING STATEMENTS
This news release may include "forward-looking statements" regarding Source Financial, and its subsidiaries, business and project plans. Such forward looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Source Financial expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Source Financial does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
CONTACT: Investors may contact: Market Street Investor Relations Inc. at (877) 218-9173.
SOURCE Source Financial, Inc.