Paysafe, an integrated payments platform, announced the U.S. launch of Paysafecash, a payment method for consumers who want to pay with cash. The U.S. eCash solution is powered by the Vanilla Direct payment network of InComm Payments, a global payments technology company, according to a press release.
According to research from the Federal Reserve, 22% of U.S. households are either underbanked or unbanked. Paysafecash doesn’t need a bank account or for customers to share financial information over the internet, but allows customers to pay online, including rent, government bills and e-commerce, with cash. The COVID-19 pandemic had many consumers opting to use eCash solutions with an uptake of 14% of consumers using an eCash product at least monthly in 2020, according to Paysafe research.
Consumers preferring to use cash can do so with Paysafecash at participating websites by selecting the brand as the payment method at the online checkout and producing a barcode that can be stored on their mobile device or printed. Cash payments can then be made at brick-and-mortar stores in InComm Payments’ Vanilla Direct network, which encompasses more than 60,000 U.S. retail locations. Once the consumer’s barcode is scanned, the balance paid in cash, the payment is completed.
“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. 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,” Udo Müller, CEO of Paysafe said in the release.