ACI Worldwide and InComm Payments Partner to Digitize Cash Payments, Driving Financial Inclusion Amid the Pandemic

Rhea-AI Summary

ACI Worldwide (NASDAQ: ACIW) announces a partnership with InComm Payments to digitize cash payments using barcode payment tokens, enhancing bill payment options for unbanked and underbanked consumers. This innovative solution allows users to pay bills at over 60,000 participating retail agents, like Dollar General and Family Dollar. ACI Speedpay, the integrated suite of bill presentment and payment services, aims to improve user experience while reducing costs. The collaboration emphasizes financial inclusion and provides consumers with safer, convenient payment methods.

Positive

• Partnership with InComm Payments enhances cash payment options for unbanked consumers.
• Ability to pay bills at over 60,000 retail locations improves accessibility.
• ACI Speedpay aims to improve user experience while reducing costs.

Negative

• None.

ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time digital payment software and solutions, and InComm Payments, a leading global payments technology company, today announced a partnership that will digitize cash payments through the use of a barcode payment token, making it easier for consumers to pay bills.

For some consumers, such as the unbanked or underbanked populations, cash payments are essential. With ACI Speedpay and InComm Payments’ VanillaDirect Pay, consumers will follow the account provider’s process to get a barcode printed, scanned from a website, or sent to their phone via text or through ACI’s moBills digital wallet feature. Consumers can then take this barcode payment token to more than 60,000 participating retail agents (including Dollar General and Family Dollar stores) with the appropriate amount of cash, including any convenience fee, and pay their bills—such as utilities, higher education, cable, insurance and more.

“Together with ACI, we are enhancing the customer payment experience by providing an easy, safe and convenient payment option for customers looking to use cash,” said Tim Richardson, senior vice president, InComm Payments. “By offering alternatives for consumers to make cash payments, we are not only helping to improve the payment experience but driving financial inclusion as well.”

“As digital payments proliferate across the bill payment industry, it is important to provide a cash payment option for those who lack the means to make digital payments,” said Sanjay Gupta, executive vice president, ACI Worldwide. “Our partnership with InComm Payments has made this possible through this innovative barcode payment feature that consumers can use to pay their bills with cash.”

ACI Speedpay is an integrated suite of bill presentment and payment services that empowers the success of thousands of customers across multiple verticals, including Consumer Finance, Government, Education, Healthcare, Insurance, Telco and Cable, Subscriptions, and Utilities. The solution’s mobile wallet billing and payment capability improves consumer experience while reducing costs.

About ACI Worldwide

ACI Worldwide is a global software company that provides mission-critical real-time payment solutions to corporations. Customers use our proven, scalable and secure solutions to process and manage digital payments, enable omni-commerce payments, present and process bill payments, and manage fraud and risk. We combine our global footprint with local presence to drive the real-time digital transformation of payments and commerce.

© Copyright ACI Worldwide, Inc. 2021

ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay and all ACI product/solution names are trademarks or registered trademark

FAQ

What is the partnership between ACI Worldwide and InComm Payments about?

The partnership aims to digitize cash payments using barcode payment tokens, allowing unbanked consumers to pay bills easily.

How does the barcode payment token work for cash payments?

Consumers can obtain a barcode through their account provider and use it to pay bills at participating retail locations with cash.

How many retail locations can consumers use for this cash payment option?

Consumers can pay bills at over 60,000 participating retail agents, including Dollar General and Family Dollar.

What are the benefits of ACI Speedpay?

ACI Speedpay improves the payment experience for consumers while also reducing costs across various verticals.

Who benefits from the ACI and InComm partnership?

The partnership primarily benefits unbanked and underbanked consumers by providing them with accessible cash payment options.