Surge Holdings Inc (OTCMKTS:SURG), which provides financial and telecom services, said Thursday that it launched the SurgePhone Wireless plan with unlimited talk, text and nationwide LTE data for only $30 a month.
In a statement, the Memphis-based group which offers subsidized wireless service to qualifying low income customers, said the $30 flat monthly fee included taxes and fees.
“The SurgePhone Wireless Unlimited Plan provides an unmatched value proposition for the market of 100 million no-contract pay-as-you-go customers in the United States,” said Surge Holdings president Anthony Nuzzo in a statement.
“We believe this disruptive product will attract more convenience stores to the SurgePays Marketplace due to retailers looking to cash in by selling the retail SIM kits and additionally making monthly commissions from processing the $30 payments. This product, along with our complementary $10 Basic Plan rounds out our branded wireless offerings,” he added.
Surge Holdings also operates the SurgePays Marketplace, a sales channel that disrupts the traditional corner store supply chain model by providing local retailers direct access to regional manufacturers. Surge leverages its wholly owned subsidiaries to build relationships with convenience stores, and bodegas that serve the underbanked and unbanked, approximately 35% of the US population.
Once a store is onboarded to the SurgePays Marketplace, Surge upsells other consumer goods by connecting manufacturers directly to these retail stores. As a result, SurgePays Marketplace provides manufacturers cost savings by cutting out distributors.
Nuzzo said the company was laser-focused on building a “Surge ecosystem.”
“Incentivizing discounts for our customers using SurgePhone, the SurgePays prepaid debit card and our recently launched rewards programs will help build brand loyalty within our Surge ecosystem,” said Nuzzo.
SurgePhone Wireless is also offering a $10 a month starter plan with unlimited text, 16 hours of talk and 1 gig LTE data. The two plans are supported by a leading wireless LTE network, offering exceptional wireless coverage and data speed. Customers can activate the SurgePhone Unlimited Plan in any unlocked GSM wireless device while saving an average of 50% off typical unlimited phone plans. Both plans can also be accessed via www.surgephone.com.
“We built and priced the SurgePhone Unlimited Plan based off the feedback from what customers need and ask for…a low cost, flat rate and value driven unlimited plan,” said Jonathon Coffman, vice president of wireless sales for Surge Holdings.
Coffman said SurgePhone is an “ideal” wireless solution for everyone from the unbanked, to people with credit challenges, as well as teens, fixed income seniors, or price sensitive millennials simply looking to stretch their money further.
“Same towers, same LTE nationwide network, so why would anyone pay more?” Coffman quipped.
Surge holdings was recently recognized by the Deloitte Technology Fast 500 as one of the fastest-growing technology companies in North America in 2019.
Shares recently traded up 5.7% to $0.37 in New York.
Contact the author Uttara Choudhury at [email protected]roactiveinvestors.com
Follow her on Twitter:@UttaraProactive