ATLANTA, GA--(Marketwire - 11/09/09) - TRUSTCASH HOLDINGS, INC. ("TRUSTCASH") (Pinksheets:TCHH - News) today announces it has received the business case evaluation and technology strategy from Ajay Hans supporting the decision to enter Mobile Payment Market.
Amongst other things Mr. Hans recommends Trustcash develop a WAP based solution which uses wireless communication to access information, particularly internet content, from a mobile device. Payments will be made directly on a website or by downloading a mobile payment application. Purchases will occur in the same manner as traditional online purchases with no additional billing support required from the mobile Telco.
The use of the mobile phone is the next significant step in the evolution in the payments industry -- representing another growth opportunity for Trustcash.
MOBILE PAYMENTS MARKET SIZE
The world wide market size for mobile payments is estimated at 860 Billion by 2013 (see link below)
(http://futurebanking.bankofamerica.com/mobile-payments-860-billion-2013_886)
With approximately 230 million mobile subscribers in the United States (over 70 percent of the U.S. population), mobile payments are on the horizon of the payment industry.
In a recent survey conducted by Visa USA of 800 consumers, 77 percent of respondents admitted that it would be difficult to get through a single day without their mobile phones, and more than 50 percent preferred to have more electronic payment options so they do not have to carry cash. According to the study, survey respondents are twice as likely to carry their mobile phones, than cash, with the 18 to 34 year old age group four times more likely to carry mobile phones.
Management comments, "With a clear technology plan in hand we feel the next step is to find a Beta partner to develop our mobile solution with. Our mobile solution should open the door to more growth."
About Trustcash
Through its Trustcash brand and website (www.trustcash.com), Trustcash is a pioneer of anonymous payment systems for the internet. Trustcash developed a business based on the sale of a virtual stored value card that can be used by consumers to make secure and anonymous purchases on the internet. The company markets its Trustcash(TM) payment card, which is sold in denominations ranging from $10 to $200 online.
Cautionary Statement Regarding Forward-Looking Statements
A number of statements contained in this press release are forward-looking statements. These forward-looking statements involve a number of risks and uncertainties, including the sufficiency of existing capital resources, technological changes and uncertainties related to the development of Trustcash's business model. The actual results Trustcash may achieve could differ materially from any forward-looking statements due to such risks and uncertainties.
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