Dive Brief:
- Charlotte, North Carolina-based Paymentus, the electronic billing and payment company, is partnering with Green Dot to expand its expand cash bill pay capabilities, according to a Thursday press release.
- By connecting its payment network to Green Dot’s network, companies can accept cash bill payments from their customers at some 90,000 retail locations, including CVS, 7-Eleven and Walgreens. Customers can also receive digital confirmation for their payments, according to the announcement. Austin, Texas-based Green Dot said its network reaches 96% of the U.S. population.
- The new partnership supplements Paymentus cash bill pay service already available through Walmart and online payments pioneer PayPal’s digitized cash options, plus other payment kiosks, according to the Jan. 19 press release from Paymentus.
Dive Insight:
Paymentus now has another significant bill payment partner on its roster. The company announced its collaboration with Walmart in 2020 to let customers pay their bills in Walmart stores and on the retailer’s mobile app.
According to the latest release last week, Paymentus said it currently serves more than 1,700 billers and financial firms in North America.
“Every biller knows that cash payments account for a meaningful portion of revenue,” Paymentus CEO Dushyant Sharma said in the release. “Untethering cash payments from the customer service counter and into tens of thousands of community-based access points will make cash bill pay as easy, convenient and secure as every other payment method for both consumers and billers alike.”
In May 2021, Paymentus raised $210 million during its IPO, selling 10 million shares at $21 each. Later that year, the company bought Payveris, a bill payment software company, for $152.2 million in cash and stock in an effort to expand its network.
Last August, the company’s CFO Matt Parson exited the company for “personal reasons.” The company noted in an SEC filing that there weren’t any disagreements between Parson and his former employer.
