January 19, 2023 -- 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.