Paysafe, InComm offer e-cash to non-digital U.S. consumers
U.S. consumers wanting to use cash for online payments will have the option to do so through a collaboration between Paysafe and Incomm Payments.
Called Paysafecash, Incomm's VanillaDirect payment network will power the product in the U.S., which is Paysafecash's 30th market.
U.K.-based Paysafe launched Paysafecash two years ago as a financial inclusion method for consumers not able, or wanting, to make credit or debit card payments online.
Citing research from the Federal Reserve, Paysafe says the cash option will appeal to the 22% of U.S. households that are either underbanked or unbanked. Paysafecash allows all American consumers to transact online, pay rent or government bills and further engage in e-commerce services.
“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 U.S. for our Paysafecash solution," Udo Müeller, CEO of paysafecard, the team behind Paysafecash, said in a Tuesday press release. "We’re proud to bring to the market an e-cash product that will allow underbanked and unbanked Americans to participate in the digital economy and prevent financial discrimination against the cash consumer.”
Consumers favoring cash can use Paysafecash at participating websites by selecting the brand as the payment method at the online checkout, which produces a barcode that can be stored on their mobile device or printed.
Cash payments can also be made at brick-and-mortar stores in the Vanilla Direct network, which covers more than 60,000 U.S. retail locations, including 7-Eleven, Dollar General, Family Dollar and other branded convenience stores and pharmacies.
After the consumer’s barcode is scanned and the balance paid in cash, the payment is completed. Customers do not need a Paysafecash account to make a transaction.