REPAY develops eCash payment acceptance

 

REPAY unifies online and cash payments to simplify the payment experience and improve accessibility for the underbanked population and those who prefer cash payments. Customers can use the additional cash functionality by selecting eCash at checkout, generating a barcode that will be scanned at a participating retail location so the merchant can accept the payment. After the transaction is completed through a financial network utilised by REPAY, the finances are deposited in the client’s account and the payment is automatically posted. The process of reconciliation is streamlined to offer lenders increased efficiencies, as payments are settled electronically to the system.

Moreover, lenders receive additional benefits using eCash, including increased payment volume and on-time payments, enhanced security, reduced chargebacks, and improved customer satisfaction. As all cash management is controlled by the retailer, there are decreased risks and lower costs to cash transactions for the lender.

Despite the decrease in use during the COVID-19 pandemic, cash remains one of the most used payment methods in many countries. For example, during 2021 and 2022, in the US the use of cash at point of sale rose from 11% to 12%, while globally, cash accounts for 16% of payments. In 2023, only 9% of US citizens primarily used cash as a payment method. On the other, debit and credit cards are the foremost method used, with 54% of individuals using a debit card and 36% using a credit card, physically or virtually.

Cash online payments have increased in popularity, as customers handle online security concerns and economic uncertainty. According to IBS Intelligence, 31% of individuals who used eCash in the previous year are implementing it as a payment method more often than they did before. The Lost in Transaction report shows that 30% of respondents who used eCash stated that it’s now their preferred method to pay for online purchases. Moreover, eCash has become the fifth most popular online payment method, after debit cards, credit cards, digital wallets, and credit cards stored in Apple Pay or Google Pay.

More companies started to integrate eCash as a payment method by partnering with different payment platforms. For example, recently, UK-based Paysafe partnered with The Mill Adventure, an iGaming platform, to offer more alternative payment options to the partner casinos and their players, therefore satisfying the preferences of gamers who favour paying with cash for their gaming experience.

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