Cash Remains King for Many: Paymentus Expands Instant Payment Network® with Cash Bill Pay Innovations and Options

Paymentus Holdings Inc. (NYSE: PAY), a leading electronic bill presentment and payment (EBPP) provider, today unveiled expanded Cash Bill Pay capabilities on its Instant Payment Network^®. Powered by Green Dot Corporation’s (NYSE: GDOT) expansive Green Dot Network, billers connected to the Instant Payment Network will be able to accept cash payments from customers made at more than 90,000 retail locations.

“Connecting the Green Dot Network of retail locations to our expanding Instant Payment Network demonstrates the transformative potential of our networked approach and our commitment to meet the payment service requirements of all consumers,” said Dushyant Sharma, Founder and CEO of Paymentus. “Every biller knows that cash payments account for a meaningful portion of revenue. Untethering cash payments from the customer service counter and into tens of thousands of community-based access points will make cash bill pay as easy, convenient and secure as every other payment method for both consumers and billers alike.”

More than 18.7 million U.S. households are considered underbanked, and another 5.8 million are unbanked, often relying on prepaid cards and money orders to pay bills¹. According to the Federal Reserve, cash payments still account for 20 percent of all transactions² and cash stuffing has become a popular budgeting trend among Gen Z consumers.³ With Green Dot joining the Paymentus Instant Payment Network, these cash-preferred customers will have the option to pay bills quickly and safely with cash in person at more than 90,000 convenient retail locations, and receive near real-time digital confirmation that their payment was processed and applied to their account.

"Helping businesses offer customers simple, convenient options to manage money and pay bills is central to our mission to give all people the power to bank seamlessly, affordably and with confidence,” said Jamison Jaworski, GM-SVP of Retail and Green Dot Network at Green Dot. “We’re proud to partner with Paymentus to power more businesses and consumers with the financial access and functionality they need, enhancing the flow of business and life.”

For billers, the latest expansion of the Instant Payment Network connects them to a vast network of Cash Bill Pay locations, extending their reach into the communities they serve. The addition of the Green Dot Network’s retail access points augments Paymentus’ existing Cash Bill Pay options for consumers, which include Walmart Bill Pay, PayPal digitized cash options and payment kiosks offered at some biller locations.

For more than 20 years, Green Dot has expanded access to modern banking and payment tools for consumers and businesses. Its Green Dot Network of more than 90,000 retail locations throughout the U.S. offers cash-in and cash-out capabilities in stores including Walmart, Walgreens, 7-Eleven, CVS and more. At a time when traditional banks are closing brick and mortar locations at a rapid rate, especially within underbanked communities, Green Dot provides expansive access to cash services for almost all U.S. consumers, with 96 percent of the U.S. population living within three miles of a Green Dot Network location.

About Paymentus

Paymentus is a leading provider of cloud-based bill payment technology and solutions for more than 1,700 billers and financial institutions across North America. The company was named the industry’s best-in-class provider of EBPP solutions by Aite-Novarica in February 2022. The Paymentus omni-channel platform provides consumers with easy-to-use, flexible, and secure electronic bill payment experiences through their preferred payment channel and type. Paymentus’ proprietary Instant Payment Network^®, or IPN, connects IPN partners’ platforms and tens of thousands of billers to Paymentus’ integrated billing, payment, and reconciliation capabilities. For more information, please visit www.paymentus.com.

About Green Dot

Green Dot Corporation (NYSE: GDOT) is a financial technology and bank holding company committed to giving all people the power to bank seamlessly, affordably and with confidence. Green Dot's technology platform enables it to build products and features that address the most pressing financial challenges of consumers and businesses, transforming the way they manage and move money and making financial empowerment more accessible for all.

Green Dot offers a broad set of financial services to consumers and businesses including debit, checking, credit, prepaid and payroll cards, as well as robust money processing services, tax refunds, cash deposits and disbursements. Its digital bank GO2bank offers consumers simple and accessible mobile banking designed to help improve financial health over time. The company’s banking platform services (or "BaaS") business enables a growing list of the world’s largest and most trusted consumer and technology brands to deploy customized, seamless, value-driven money management solutions for their customers.

Founded in 1999, Green Dot has powered more than 33 million accounts directly, and many millions more through its partners. The Green Dot Network of more than 90,000 retail distribution locations nationwide, more than all remaining bank branches in the U.S. combined, enables it to operate primarily as a "branchless bank." Green Dot Bank is a subsidiary of Green Dot Corporation and member of the FDIC¹. For more information about Green Dot’s products and services, please visit www.greendot.com.

SOURCE: PAYMENTUS

CATEGORY: CORPORATE NEWS

¹FDIC National Survey of Unbanked and Underbanked Households, 2021

²FEDNOTES: 2022 Findings From the Diary of Consumer Payment Choice, May 5, 2022

³Marketwatch. December 3, 2022.

⁴ Green Dot Bank also operates under the following registered trade names: GO2bank, GoBank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage up to the allowable limits.

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