Banking Challenger, current technology and payments company, InComm, will offer customers the ability to make cash deposits to accounts at major retail outlets in the United States
InComm, an established payment technology company, and Running, a US-based challenger bank serving Americans who have been “overlooked” by traditional financial service providers, has introduced a product that will allow current members to make cash deposits to their accounts at major stores physical in the United States.
As stated in a statement shared with Crowdfund Insider, the ability or option to make cash deposits was the most requested new product feature by Current customers, according to a survey by the bank challenger.
Current, who claims around 1.4 million customers, explained that the new feature will allow its members to make cash deposits directly to their bank accounts at many large retail stores in the United States, including 7 stores. -Eleven, Dollar General and Family Dollar. .
As mentioned in the press release:
“[Current’s] The cash deposit solution is powered by InComm’s VanillaDirectTM platform, which provides a barcode through the [digital bank’s] mobile application that users scan at the register of participating VanillaDirect retailers to instantly deposit money into their accounts.
Tim Richardson, senior vice president at InComm, said helping a new business partner like Current meet customer demands is what InComm “is proud of.” Richardson added that the VanillaDirect mobile barcode solution is aligned or consistent with Current’s goal of bringing modern financial services to its customers, and also providing their customers with a “simple and convenient” experience for making transactions. cash deposits in a large network of outlets across the country.
The current one claims it has experienced “record growth” this year, as the bank managed to surpass one million members, a step taken only a year and a half after the introduction of personal checking accounts. The challenger reveals that the demand for mobile banking with faster and more convenient access to funds has increased, including during the COVID-19 pandemic. The bank says it could surpass 2 million members by the end of 2020.
Stuart Sopp, CEO and Founder of Current, said:
“More than 130 million people in this country live paycheck to paycheck and are not properly served by traditional banks built on existing infrastructure. Our rapid growth is a testament to the demand for alternative banking solutions and we are committed to providing all Americans with better access to their money, including the ability to deposit money into their checking account. InComm technology [is well-suited] for our members who want to digitize their cash in a convenient and reliable way.
As confirmed in the release, the feature is currently available to all current customers and will launch in approximately 60,000 participating outlets in the VanillaDirectTM network by the end of this year.
In an interview with CI, Sopp noted:
“Regardless of the state, the minimum wage is just too low. Millions of adults don’t get a living wage, they don’t even make enough money to invest / accumulate more assets and before digital banks like Current existed many more were turning to cards from high interest credit, payday loans and other predatory sources. for quick money to get them to their next paycheck and, in many cases, then sink deeper into debt cycles – and widen the wealth inequality gap. “
“This low income group lives on debt and my personal belief is that we can try to bridge the gap through capitalism and do it the right way instead of directly failing socialism. We should also be putting equity in the hands of people to give them the opportunity to accumulate assets that may rise in value. At Current, we took a look at crowdfunding which is very popular in the UK. “