WWAG Introduces the Alternative Solution for Unbanked Households and Unbanked Merchants
(Las Vegas, Nevada – April 20, 2015) WWAG (OTCBB: WWAG), parent of Summit Digital and Genie Gateway, a provider of cable television, high speed internet and related services to rural U.S. communities, and electronic payment services and unified communications to unbanked and under-banked merchants, consumers, and other emerging industries, announced today that it will introduce GenieChecking.
“7.7% of U.S. households are unbanked and 20% of U.S. households are underbanked,” said WWAG CEO Thomas E. Skala, citing an October 2014 FDIC survey. “The new trend of unbanked merchants who need to deal with cash is creating an environment rich with both opportunities and problems. GenieChecking is the solution!
“Imagine having checkbook that ties straight into the internet,” Skala continued, “letting you literally e-mail a check to anyone - including yourself - with absolutely no risk of overdraft, forgery, or any of the other risks of an old-style checking account. Fully negotiable checks, payable against the funds in your Genie CashBox.”
GenieChecks may be: printed and deposited as an ordinary check, negotiated in person at a participating financial institution, sent as e-mail attachments to third parties, printed and mailed to third parties either by the customer or by Genie Gateway, or printed and deposited electronically using any financial institution’s “smart-phone” or other electronic deposit application.
Security is also a stand-out feature of the GenieCheck system. News reports have highlighted the recent data-breach affecting millions of customers at one of the nation’s largest retail chains, starting on the busiest shopping day of the year.
“This didn’t have to happen!” Thomas Skala exclaimed. “The fact is that people just give away their most sensitive financial secrets to faceless vendors every day, both on the internet and at the checkout register.”
“But there’s absolutely no reason they should ever need to do so,” Skala went on. “GenieChecking makes it completely unnecessary! Our latest internet video explains this from a customer perspective.”
WWAG CTO Stuart Scamman explained, “Traditional credit or debit card, and ACH processing involves at best your account number and other personal information to verify that you are who you say you are. Both of those go through the merchant’s system, so anyone who hacks that system has everything they need to spend your money. With GenieChecking hackers can look at the merchant’s data all day long and never touch a dime of your money.”
“GenieChecking is very secure,” added Randall Skala, Vice President and COO of WWAG. “With an old-fashioned check, anyone who gets to even look at your check can see all the routing and account numbers they need to simply drain every penny from your account. GenieChecks, however, are tied into an instant verification system that validates each check against your pre-entered amount and designated payee – even if you EMAIL the check. Which of course you can’t do at all with an ordinary check.”
WWA Group intends to leverage this new technology to enhance its existing plan to consolidate the fragmented wireless broadband marketplace. Genie Gateway allows subscribers to make payments to and accept payments from third parties, online or by phone. Payments are processed electronically as peer-to-peer, cash transactions, and are not subject to traditional credit card merchant processing rules and regulations.
Tom Nix, president of Summit Digital, Inc., said that “Our plans are to introduce and advertise Genie Checking jointly with other cable television, high speed Internet and wireless Internet service providers (WISP’s) to their subscribers, on their respective systems, as the next generation of unified services while creating a new way to build additional high margin revenues.”