Rapyd, a global Fintech-as-a-Service provider, has announced that it has entered into an agreement with payments technology company InComm Payments to enable cash bill pay and load solutions at participating retailers across the United States. The partnership will empower participating billers and other consumer-facing providers of goods and services, to provide cash payment options to their customers, allowing them to grow their businesses.
Cash is still the most preferred method of payment in the U.S. for transactions under $25. Research by the Federal Reserve Bank of San Fransico found that in 2019, cash was used for 47% of payments under $10 and for 40% between $10 and $25. This partnership opens up the entire digital economy to customers who prefer cash transactions for everyday activities such as paying bills.
“Cash is still king in most of the world, but the digital economy is not currently set up to capitalise on it,” said Eric Rosenthal, Managing Director and President of Rapyd for the Americas. “Rapyd has made it our mission to expand the ways in which people can pay for digital goods and services across every border and every form of currency. We are excited to partner with InComm Payments to expand the customer reach of countless businesses and seamlessly integrate cash.”
Consumers will be able to use cash to add funds and pay their bills at participating locations that they already frequent in their communities such as grocery stores and pharmacies. They can simply show their unique barcode to the cashier through their smartphone app and instantly add funds to participating accounts or pay their bills. Those funds can be used to make monthly payments on loans and purchase online goods and services without the need for a credit card.
Tim Richardson, Senior Vice President at InComm Payments, said: “Billers and retailers continue to explore convenient options to offer their customers a full range of payment choices. Our partnership with Rapyd will deliver enhanced payment flexibility and convenience with regards to cash payments for retail customers across the country.”
Rapyd’s cash acceptance service is just one pillar of their Fintech-as-a-Service platform that facilitates more than 900 forms of payments across all borders including payments through credit cards, debit cards, eWallets, card issuing, and disbursement.