Global FinTech-as-a-Service (FaaS) unicorn Rapyd is partnering with InComm Payments to support consumers who still prefer to use cash, the companies said in a joint statement on Thursday (Oct. 15). Cash is still a major player in the digital economy in the U.S., last year accounting for 47 percent of all payments under $10.
“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,” said Eric Rosenthal, managing director and president of Rapyd for the Americas.
He added that even though the digital economy isn’t set up to leverage it, “cash is still king in most of the world.”
Users will be able to use cash to add funds and pay some bills at participating locations using a unique barcode on their smartphones. Funds can be used to make monthly payments and shop online without the need for a credit card.
“Billers and retailers continue to explore convenient options to offer their customers a full range of payment choices,” said Tim Richardson, senior vice president, InComm Payments. “Our partnership with Rapyd will deliver enhanced payment flexibility and convenience with regard to cash payments for retail customers across the country.”
Protecting the use of cash is the aim of the Consumer Choice in Payment Coalition (CCPC), which is pushing HR 2650, or the Payment Choice Act of 2019. The bill would ensure that cash remains a valid method of payment nationwide.
While the digital economy has been seen as the primary driver of the move away from cash, the pandemic is accelerating the departure as people strive to make life as contactless as possible. Rapyd recently partnered with Visa to bring virtual cards to small and mid-size businesses and help them advance their FinTech services and payments offerings.
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