MoCaFi partners InComm to launch no-fee cash deposits at major retailers
InComm Payments, a leading payments technology company, and Mobility Capital Finance (MoCaFi), a mobile-first banking platform committed to bringing financially underserved communities into the digital economy, have announced a new partnership that will provide MoCaFi members with a no-fee option to load their MoCaFi Mobility Debit Mastercard cash at major brick-and-mortar retail chains across the U.S.
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The feature will be especially helpful to communities impacted by businesses that have introduced contactless payment systems in response to the COVID-19 pandemic.
This fintech solution, powered by InComm Payments’s VanillaDirecttechnology platform, enables MoCaFi members to load funds in real-time to their accounts directly at the register of participating retailers .
“A growing number of stores are transitioning to cashless shopping experiences, which can exclude the millions of Americans who do not have access to traditional credit card or debit accounts,” said Tim Richardson, Senior Vice President of Sales at InComm Payments. “Our VanillaDirect platform eliminates this barrier by creating an easy way for consumers to digitize their funds. MoCaFi is one of the fastest growing mobile banking platforms in the country, and we look forward to bringing this technology to their members.”
MoCaFi has grown to become one of the most reliable tools for financially vulnerable communities to build a path to economic prosperity. The mobile banking platform’s low-cost, personalized features empower users - many of whom are first-time banking services members - to build wealth through budgeting and saving. MoCaFi’s platform has become critical during the pandemic as cities and businesses explore digital banking as an opportunity to preserve public health while still maintaining services and offering products to citizens.
“The 2019 FDIC Survey of Household Use of Banking and Financial Services found that of the 7.1 million households that are unbanked across the country, Black households at 13.8%, and Hispanic households at 12.2% -- ranked the highest,[1]” said Wole Coaxum, CEO at MoCaFi. “We are pleased to partner with InComm Payments who is committed to addressing these financial inequities and who has made it possible to expand the delivery of high-quality, low cost financial services to Americans who have fallen in the margins of banking failure with its expansive retail network.”
The feature is now available to all MoCaFi members and will roll out to retailers participating in the VanillaDirect network by the end of 2020.