Cash Remains King for Many: Paymentus Expands Instant Payment Network® with Cash Bill Pay Innovations and Options
January 19 2023 - 8:30AM
Business Wire
Paymentus Adds Retail Access Points with Green
Dot to Growing Suite of Cash Bill Pay Solutions To Serve
Cash-Preferred, Underbanked and Unbanked Consumers
Paymentus Holdings Inc. (NYSE: PAY), a leading electronic bill
presentment and payment (EBPP) provider, today unveiled expanded
Cash Bill Pay capabilities on its Instant Payment Network®. Powered
by Green Dot Corporation’s (NYSE: GDOT) expansive Green Dot
Network, billers connected to the Instant Payment Network will be
able to accept cash payments from customers made at more than
90,000 retail locations.
“Connecting the Green Dot Network of retail locations to our
expanding Instant Payment Network demonstrates the transformative
potential of our networked approach and our commitment to meet the
payment service requirements of all consumers,” said Dushyant
Sharma, Founder and CEO of Paymentus. “Every biller knows that cash
payments account for a meaningful portion of revenue. Untethering
cash payments from the customer service counter and into tens of
thousands of community-based access points will make cash bill pay
as easy, convenient and secure as every other payment method for
both consumers and billers alike.”
More than 18.7 million U.S. households are considered
underbanked, and another 5.8 million are unbanked, often relying on
prepaid cards and money orders to pay bills1. According to the
Federal Reserve, cash payments still account for 20 percent of all
transactions2 and cash stuffing has become a popular budgeting
trend among Gen Z consumers.3 With Green Dot joining the Paymentus
Instant Payment Network, these cash-preferred customers will have
the option to pay bills quickly and safely with cash in person at
more than 90,000 convenient retail locations, and receive near
real-time digital confirmation that their payment was processed and
applied to their account.
"Helping businesses offer customers simple, convenient options
to manage money and pay bills is central to our mission to give all
people the power to bank seamlessly, affordably and with
confidence,” said Jamison Jaworski, GM-SVP of Retail and Green Dot
Network at Green Dot. “We’re proud to partner with Paymentus to
power more businesses and consumers with the financial access and
functionality they need, enhancing the flow of business and
life.”
For billers, the latest expansion of the Instant Payment Network
connects them to a vast network of Cash Bill Pay locations,
extending their reach into the communities they serve. The addition
of the Green Dot Network’s retail access points augments Paymentus’
existing Cash Bill Pay options for consumers, which include Walmart
Bill Pay, PayPal digitized cash options and payment kiosks offered
at some biller locations.
For more than 20 years, Green Dot has expanded access to modern
banking and payment tools for consumers and businesses. Its Green
Dot Network of more than 90,000 retail locations throughout the
U.S. offers cash-in and cash-out capabilities in stores including
Walmart, Walgreens, 7-Eleven, CVS and more. At a time when
traditional banks are closing brick and mortar locations at a rapid
rate, especially within underbanked communities, Green Dot provides
expansive access to cash services for almost all U.S. consumers,
with 96 percent of the U.S. population living within three miles of
a Green Dot Network location.
About Paymentus
Paymentus is a leading provider of cloud-based bill payment
technology and solutions for more than 1,700 billers and financial
institutions across North America. The company was named the
industry’s best-in-class provider of EBPP solutions by
Aite-Novarica in February 2022. The Paymentus omni-channel platform
provides consumers with easy-to-use, flexible, and secure
electronic bill payment experiences through their preferred payment
channel and type. Paymentus’ proprietary Instant Payment
Network®, or IPN, connects IPN partners’ platforms and
tens of thousands of billers to Paymentus’ integrated billing,
payment, and reconciliation capabilities. For more information,
please visit www.paymentus.com.
About Green Dot
Green Dot Corporation (NYSE: GDOT) is a financial technology and
bank holding company committed to giving all people the power to
bank seamlessly, affordably and with confidence. Green Dot's
technology platform enables it to build products and features that
address the most pressing financial challenges of consumers and
businesses, transforming the way they manage and move money and
making financial empowerment more accessible for all.
Green Dot offers a broad set of financial services to consumers
and businesses including debit, checking, credit, prepaid and
payroll cards, as well as robust money processing services, tax
refunds, cash deposits and disbursements. Its digital bank GO2bank
offers consumers simple and accessible mobile banking designed to
help improve financial health over time. The company’s banking
platform services (or "BaaS") business enables a growing list of
the world’s largest and most trusted consumer and technology brands
to deploy customized, seamless, value-driven money management
solutions for their customers.
Founded in 1999, Green Dot has powered more than 33 million
accounts directly, and many millions more through its partners. The
Green Dot Network of more than 90,000 retail distribution locations
nationwide, more than all remaining bank branches in the U.S.
combined, enables it to operate primarily as a "branchless bank."
Green Dot Bank is a subsidiary of Green Dot Corporation and member
of the FDIC1. For more information about Green Dot’s products and
services, please visit www.greendot.com.
SOURCE: PAYMENTUS CATEGORY: CORPORATE NEWS
1 FDIC National Survey of Unbanked and Underbanked Households,
2021
2 FEDNOTES: 2022 Findings From the Diary of Consumer Payment
Choice, May 5, 2022
3 Marketwatch. December 3, 2022.
4 Green Dot Bank also operates under the following registered
trade names: GO2bank, GoBank and Bonneville Bank. All of these
registered trade names are used by, and refer to, a single
FDIC-insured bank, Green Dot Bank. Deposits under any of these
trade names are deposits with Green Dot Bank and are aggregated for
deposit insurance coverage up to the allowable limits.
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version on businesswire.com: https://www.businesswire.com/news/home/20230119005474/en/
Media: Tony Labriola media-relations@paymentus.com
Whit Chapman wchapman@greendotcorp.com
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