Green Dot and Marqeta partner to expand cash services access

Through this collaboration, Marqeta will leverage Green Dot’s cash deposit network, known as the Green Dot Network and powered by Arc, which provides access to over 95,000 retail locations across the United States. 

Representatives from Green Dot stated that the initiative aligns with both companies’ efforts to improve financial service accessibility. They emphasised that working with Marqeta highlights how fintech collaborations can improve consumer and business access to essential financial tools.

Addressing cash economy needs 

Despite the increasing use of digital payments, cash remains a primary transaction method for certain consumer segments, including lower-to-moderate-income individuals and those aged 55 and older, according to Federal Reserve data. The partnership between Green Dot and Marqeta aims to provide a bridge between cash transactions and digital banking, allowing users to deposit cash into digital accounts more conveniently. 

Representatives from Marqeta noted that the collaboration expands cash service accessibility for customers and their users across the US. They highlighted that integrating Green Dot’s cash deposit network improves Marqeta’s financial services platform, enabling businesses to offer more flexible financial solutions. 

Marqeta’s platform facilitates financial product development for businesses, allowing them to embed banking services into their operations. The addition of cash deposit capabilities enhances Marqeta’s suite of offerings, supporting companies in providing customised financial services.

A closer look at Green Dot 

Green Dot Corporation is a financial technology company and registered bank holding entity offering banking and payment solutions. Its portfolio includes digital banking services through GO2bank, payroll and disbursement solutions via rapid!, and tax refund processing through Santa Barbara Tax Products Group. 

In essence, with the ongoing decline of traditional bank branches, particularly in underbanked areas, Green Dot’s network provides an alternative for individuals who require cash deposit services. According to Green Dot, 96% of the US population lives within three miles of one of its retail locations.