In 2019, cash was used for 47 percent of payments under $10 and for 40 percent of payments between $10 and $25*
MOUNTAIN VIEW, CA and ATLANTA, GA — September 15, 2020 — Rapyd, a global Fintech-as-a-Service provider, announced today that it has entered into an agreement with InComm, a leading payments technology company, 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. 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 capitalize 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 to expand the customer reach of countless businesses and seamlessly integrate cash.
“Billers and retailers continue to explore convenient options to offer their customers a full range of payment choices,” said Tim Richardson, Senior Vice President at InComm Payments. “Our partnership with Rapyd will deliver enhanced payment flexibility and convenience with regards to cash payments for retail customers across the country.”
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.
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. Rapyd simplifies global payments through a set of powerful and easily integrated APIs.
InComm Payments is a global leader in innovative payments technology. Leveraging dynamic technology and proven expertise, InComm Payments delivers enhanced end-to-end payment platforms and emerging financial technology solutions that help businesses grow across a wide range of industries including retail, healthcare, tolling & transit, incentives, By enabling omnichannel connections to an ever-expanding consumer base in an increasingly digital ecosystem, InComm Payments creates seamless and valuable commerce experiences across the globe. With more than 25 years of experience, over 500,000 points of distribution, 386 global patents and a presence in more than 30 countries, InComm leads the payments industry from its headquarters in Atlanta, Ga. Learn more at www.InCommPayments.com.
Rapyd is the fastest way to power local payments anywhere in the world, enabling companies across the globe to access markets quicker than ever before. By utilizing Rapyd’s unparalleled payments network and Fintech-as-a-Service platform, businesses and consumers can engage in local and cross-border transactions in any market. The Rapyd platform is unifying fragmented payment systems worldwide by bringing together 900-plus payment methods in over 100 countries. Rapyd’s investors include Stripe, General Catalyst, Oak FT, Tiger Global, Durable Capital, Target Global, and TaL Capital. To learn more about the company that is accelerating the Fintech-as-a-Service revolution, visit www.rapyd.net, read our blog, or follow us on LinkedIn and Twitter.
*Source: Federal Reserve Bank of San Francisco