InComm Payments partners with MoCaFi to enable no-fee cash deposits at retail stores
By Pavithra R
InComm Payments, a leading payments technology company, has announced partnering with Mobility Capital Finance (MoCaFi), an African American owned FinTech providing mobile-first banking platform committed to bringing financially underserved communities into the digital economy.
Under the partnership, MoCaFi members will be able to use a no-fee option to load their MoCaFi Mobility Debit Mastercard cash at major brick-and-mortar retail chains across the U.S. The feature is expected to assist communities impacted by businesses that have introduced contactless payment systems in response to the COVID-19 pandemic. InComm Payments’ VanillaDirect technology platform will enable MoCaFi members to load funds in real-time to their accounts directly at the register of participating retailers.
“A growing number of stores are transitioning to cashless shopping experiences, which can exclude the millions of Americans who do not have access to traditional credit card or debit accounts. Our VanillaDirect platform eliminates this barrier by creating an easy way for consumers to digitize their funds. MoCaFi is one of the fastest-growing mobile banking platforms in the country, and we look forward to bringing this technology to their members,” said Tim Richardson, Senior Vice President of Sales at InComm Payments.
Founded in 2015, MoCaFi’s digital banking platform that targets the more than 50 mn unbanked and underbanked people in the United States. Its low-cost, personalized features empower users to build wealth through budgeting and saving.
“The 2019 FDIC Survey of Household Use of Banking and Financial Services found that of the 7.1 million households that are unbanked across the country, Black households at 13.8%, and Hispanic households at 12.2% — ranked the highest. We are pleased to partner with InComm Payments who is committed to addressing these financial inequities and who has made it possible to expand the delivery of high-quality, low-cost financial services to Americans who have fallen in the margins of banking failure with its expansive retail network,” said Wole Coaxum, CEO at MoCaFi.
Established since 1992, InComm is building value to transactions through innovative payment technologies. The company creates seamless and valuable commerce experiences and offers unique products and services, ranging from gift card malls to enhanced payment platforms. Incomm has over 500,000 points of distribution, 386 global patents, and presence in more than 30 countries. InComm is planning to roll out the feature to retailers participating in the VanillaDirect network by the end of 2020.
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