Paymentus expands Instant Payment Network with cash bill pay capabilities

By Edlyn Cardoza

Paymentus Holdings Inc., one of the leading electronic bill presentment and payment (EBPP) providers, unveiled expanded Cash Bill Pay capabilities on its Instant Payment Network. Powered by Green Dot Corporation’s expansive Green Dot Network, billers connected to the Instant Payment Network can accept cash payments from customers 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 bills^. According to the Federal Reserve, cash payments still account for 20% of all transactions, and cash stuffing has become a popular budgeting trend among Gen Z consumers. With Green Dot joining the Paymentus Instant Payment Network, these cash-preferred customers can 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 digitised cash options and payment kiosks offered at some biller locations.