PYMNTS Intelligence Banner June 2024

Green Dot to Enable Cash Transactions for 3 More FinTechs

FinTech companies RepayFacebank and Pana have joined the Green Dot Network to enable cash transactions and services for their customers.

By becoming partners of the network, the three FinTechs can offer these services via Green Dot’s network of thousands of retail locations, Green Dot said in a Tuesday (March 12) press release.

“As the demand for cash and cash transactions persists in the U.S., more companies are looking to power their customers with simple, accessible and affordable cash services,” Crystal Bryant-Minter, senior vice president of money movement at Green Dot, said in the release.

The Green Dot Network’s retail locations offer cash-in and cash-out services, according to the release. They also enable customers to move funds digitally between bank accounts.

The network includes more than 90,000 retail locations, including Walmart, Walgreens, 7-Eleven and CVS, the release said.

With a Green Dot Network location within three miles of 96% of the population of the U.S., the network provides access to cash services even in underbanked communities, per the release.

The three new FinTech members join the network at a time when it supports more than 180 partners and brands, according to the release.

“Making these services accessible to consumers and businesses is key to our mission to give all people the power to bank seamlessly, affordably and with confidence, and we’re proud to partner with these companies to help them better empower their customers,” Bryant-Minter said in the release.

With bank branches closing down at a rapid clip, “financial deserts” are taking shape all over the country, Jamison Jaworski, GM-SVP of retail and Green Dot Network, told PYMNTS in an interview posted in February 2023.

“We’re extending convenience to reduce those financial deserts in small towns and other places — and now you don’t have to make a special trip to make a payment,” Jaworski said. “You can now make those payments in the course of your daily life.”

In another recent development, Green Dot said in February that it partnered with Dayforce to power the on-demand payment solution Dayforce Wallet. Through this partnership, Green Dot will facilitate banking services for Dayforce Wallet users in the U.S.