Punchcard, Wipit Partner To Tackle Prepaid Wireless

Punchcard, the Pasadena-based startup providing loyalty focused mobile applications and Wipit, another local startup focused on mobile payments, said this morning they're partnering to offer their services to the prepaid wireless market. The two said they are partnering, to provide a way for business owners to reward un-banked and underbanked consumers for shopping at their stores. Wipit runs a mobile payment service where consumers can pay for purchases from a mobile app or online from a prepaid account, which can be refilled with cash payments at a network of retail locations. Punchcard's apps help track purchases made by consumers at retail locations, in exchange for special rewards and cash back. None of the terms of the partnership were announced. Punchcard is backed by Idealab, and run by Andy Steuer. Wipit is headed by Richard Kang.