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Repay Holdings Corp., a provider of payment-processing services, has partnered with Green Dot Corp. to enable Repay merchants to accept cash-based bill payments at more than 45,000 locations in the United States. The service depends on Green Dot’s eCash technology, which enables users to present a barcode that serves as a gateway to the user’s cash account.
Cash payments remain a large part of the payment ecosystem, accounting for about 20% of all payments, according to a 2022 study from the Federal Reserve. GreenDot, which specializes in the issuance of prepaid debit cards, primarily serves unbanked and underbanked consumers who tend to rely on paying with cash for their purchases.
In recent years, the company has focused on expanding its business to include more banking services, such as a mobile banking app in partnership with the Plaid Exchange network from Plaid Inc. to reach its primary audience.
Repay has also focused on expanding its services for merchants. In 2022, the company acquired independent sales organization Payix for $115 million. This was expected to provide Repay with a beachhead in the fast-growing buy now, pay later market.
“As a leader in the transformation of integrated digital payments, we continuously look for opportunities to expand and enhance our solutions across payment modalities and networks,” Jake Moore, executive vice president, of consumer payments, for Repay says in a statement. “Offering our clients the ability to securely and efficiently accept cash payments will enable them to deliver additional bill-payment options, driving customer satisfaction.”
Repay processes more than $25.6 billion in annual card volume and has 25,600 active clients, according to the company’s Web site. During the third quarter of 2023, Repay handled $6.4 billion in payment volume.
