In-Store Cash Bill Payment News
New angle by InComm leveraging their networks to rope in the underbanked and unbanked. The numbers from the FDIC based on 2019 survey data details around 22 million in that under and not banked demographic. Interesting 2021 data statistics showing countries and their rates of unbanked. Vietnam for example almost 70% unbanked. Cash, which is declining in U.S. as transactional component, would seem to be highly used in many countries.
- InComm Payments and Doxo will allow customers to pay bills with cash at some 60,000 retail locations across the U.S., the companies announced Thursday.
- Retailer network relationships include Dollar General, Family Dollar and select 7-Eleven stores.
In their announcement, Atlanta-based InComm and Seattle-based Doxo noted the prevalence of bills paid by U.S. consumers in cash. Specifically, they said about 12% of bills, or nearly 1.9 billion bills paid annually by U.S. households, are paid in cash, citing the Federal Reserve Bank of Atlanta.
The companies are creating the new cash services, often used by underbanked and unbanked U.S. consumers, at a time of national focus on extending financial services to such consumers.