US-based payment system company ACI Worldwide has joined forces with payments technology company InComm Payments to digitise cash payments.
The company said that cash payments are essential for some consumers, such as the unbanked or underbanked populations. The partnership will help cash-preferred consumers to use barcode payment tokens available at participating retail locations to rapidly pay cash bills.
InComm Payments senior vice president Tim Richardson said: “Together with ACI, we are enhancing the customer payment experience by providing an easy, safe and convenient payment option for customers looking to use cash.
“By offering alternatives for consumers to make cash payments, we are not only helping to improve the payment experience but driving financial inclusion as well.”
ACI’s Speedpay and InComm Payments’ VanillaDirect Pay offerings will allow consumers to follow the account provider’s process to get a barcode.
Customers can receive the barcode printed, scanned from a website, or sent to their phone through text or through ACI’s moBills digital wallet.
They can then take this barcode payment token to participating retail agents with the required amount of cash, including any convenience fee, and pay their bills. The partnership will leverage more than 60,000 participating retail agents, to help customers pay their utilities, higher education, cable, insurance and other bills.
ACI Speedpay is an integrated suite of bill presentment and payment services that empowers customers across multiple verticals. The verticals include consumer finance, government, education, healthcare, insurance, telco and cable, subscriptions, and utilities.
ACI Worldwide executive vice president Sanjay Gupta said: “As digital payments proliferate across the bill payment industry, it is important to provide a cash payment option for those who lack the means to make digital payments.
“Our partnership with InComm Payments has made this possible through this innovative barcode payment feature that consumers can use to pay their bills with cash.”