Wipit, a cash-based mobile payments platform partnered with Boost Mobile, announced today that it has closed a Series A venture round from Core Innovation Capital. The funding, of an undisclosed amount, will be used primarily to increase adoption of the payment platform. If you have seen the commercials or ads for the “Boost Mobile Wallet,” then you are familiar with Wipit.

As mobile payments and mobile wallets have been heavily invested in lately – Clinkle raised $25M, AT&T, Verizion, and T-Mobile invested more than $100M in Isis, Sequent Software just raised $12M, and Paydiant just closed a $15M round yesterday – competition in the space is heating up. So how is Wipit different and/or better than any of the others? Well for starters, and the most unique aspect of Wipit is that it is primarily a cash based network. Rather than linking up with your bank account or credit card, Wipit is loaded at any Boost Mobile Authorized Dealer. Think of WIpit as more of a re-loadable prepaid mobile wallet. Other than the fact that it is a cashed based network, Wipit has more or less the same features as most other mobile wallets.

So Why A Cash-based Network?

The goal of both Boost Mobile and Wipit is to cater to and serve cash-preferred customers. This falls directly in line with Core Innovation Capital’s Mission:

Core Innovation Capital invests in the most innovative companies serving underbanked consumers in America. We are passionate about financial services that meaningfully improve the lives of underserved people.

Although cash payments in general, represent only a small percentage of overall payments, in raw numbers it is still a huge amount – only 27% of point of sale purchases in 2011 were made with cash. As banking and debit/credit card usage is being snazzed up with all the bells and whistles, Wipit and Core Innovation Capital are trying to make cash transactions just as jazzed up.

Here is a picture of a whippet:

Via Flickr