Payment technology provider InComm Payments is partnering with Mobility Capital Finance (MoCaFi), a mobile-based banking platform, to enable MoCaFi Mobility Debit Mastercard cardholders to load their cards at no charge. MoCaFi will absorb any costs related to the reload.
The deal enables MoCaFi, which serves unbanked and underbanked customers, to offer the new service at merchants within InComm’s Vanilla Direct network, which has 70,000 retail locations, including those of Family Dollar, Dollar General, CVS, and 7-Eleven.
MoCaFi, which offers digital banking and credit building along with personal wealth coaching, is one of 10 fintechs participating in Mastercard Inc.’s Start Path program. The program aims at finding new ways to leverage Mastercard’s technology, expertise, and network to bring more people into the digital economy.
“A growing number of stores are transitioning to cashless shopping experiences, which can exclude the millions of Americans who do not have access to traditional credit card or debit accounts,” says Tim Richardson, senior vice president of sales at InComm Payments, in a prepared statement. “Our VanillaDirect platform eliminates this barrier by creating an easy way for consumers to digitize their funds. MoCaFi is one of the fastest growing mobile banking platforms in the country, and we look forward to bringing this technology to their members.”
Reaching the underbanked and unbanked with digital payment capabilities has become a priority during the Covid-19 pandemic, as it provides an opportunity to preserve public health while enabling consumers underserved by financial institutions to access financial services, MoCaFi says.
“The 2019 FDIC Survey of Household Use of Banking and Financial Services found that of the 7.1 million households that are unbanked across the country, Black households at 13.8%, and Hispanic households at 12.2%, ranked the highest,” says Wole Coaxum, chief executive at MoCaFi, in a prepared statement. “We are pleased to partner with InComm Payments, who is committed to addressing these financial inequities and who has made it possible to expand the delivery of high-quality, low-cost financial services to Americans who have fallen in the margins of banking failure with its expansive retail network.”