Current, a challenger bank focused on underbanked consumers, locked in a partnership with InComm, a prepaid solutions company.
By teaming up with InComm, Current will allow its 1.4 million accountholders to deposit cash to their Current account at select physical retail locations.
The new solution is powered by InComm’s Vanilla Direct platform, which will leverage a barcode on the Current app. While visiting one of 60,000 participating retail chains, including 7-Eleven, Dollar General, and Family Dollar, accountholders can give the cashier their cash deposits. The cashier, in turn, scans the barcode on the customer’s Current app, and the cash is delivered to their account.
“Our VanillaDirect mobile barcode solution is perfectly aligned with Current’s vision of bringing financial services to its customers, and in this instance providing their customers with a simple and convenient experience for making cash deposits in an extensive network of retail locations across the United States,” said Tim Richardson, Senior Vice President at InComm.
Traditionally, users at online-only banks deposit cash via ATMs. This solution, however, may not be appealing to underbanked users. Additionally, it would require Current to form ATM network partnerships.
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