Paysafe, InComm launch US online cash payments solution Paysafecash

By Sunniva Kolostyak

Payments platform Paysafe has partnered with InComm Payments to launch Paysafecash in the US, an alternative payment method which enables consumers to pay with cash online.

The eCash solution, powered by InComm Payments’ payment network Vanilla Direct, aims to bring online transactions to consumers without a debit or credit card, or to those who do not want to use cards for online payments.

Paysafecash is available in more than 25 countries, where consumers generate a barcode during the online checkout process which can be scanned in-person at a payment point. The payment can be for rent or government bills, or any other digital transaction, such as eCommerce. The transaction is completed and shipped when the amount due has been paid.

The payment solution has been built by InComm Payments to promote financial inclusion by allowing Americans to transact securely online with cash. The payments can be made at brick-and-mortar stores in InComm Payments’ Vanilla Direct network, which includes over 60,000 US retail locations, convenience stores and pharmacies, such as 7-Eleven, Dollar General and Family Dollar.

Commenting on the launch, Udo Müeller, CEO of paysafecard, the team behind Paysafecash at Paysafe, said: “Against the backdrop of the converging trends of cash loyalty and a rising need to transact online, we feel there is strong consumer demand in the US for our Paysafecash solution. We’re proud to bring to the market an eCash product that will allow underbanked and unbanked Americans to participate in the digital economy and prevent financial discrimination against the cash consumer.”

Tim Richardson, Senior Vice President at InComm, added: “We’re excited to partner with Paysafe to expand our financially inclusive cash-in solution. This partnership will not only provide convenience for the end-user, it will also benefit our retail partners by driving in-store traffic.”

The solution comes in response to the ongoing issue of financial inclusion and cash’s enduring importance in the US market. The solution will particularly appeal to the 22 per cent of US households that, according to the Federal Reserve, are either underbanked or unbanked.

The COVID-19 pandemic has further increased demand for eCash solutions, enabling consumers to avoid long wait-times to make in-person payments at crowded federal, state and municipal facilities, among other benefits. Uptake has been significant, with 14 per cent of Americans using an eCash product at least monthly in 2020, according to Paysafe’s Q2 research. Simultaneous cash loyalty – the same research reveals 75 per cent of consumers would be concerned if they could not access cash – suggest this will likely trend higher.