RedCloud launches Alternative Cash-In to Connect Millions of Businesses to Financial Services
While the rise of digital payments has impacted the popularity of cash, still today over a third of the world remains underbanked, and over 420m small businesses remain firmly locked out of the financial services ecosystem.
Today marks yet another milestone for the fast growing UK technology company, that will allow RedCloud users to conduct deposits in bank branches and ATMs directly into Bank backed Trust Accounts across multiple locations, making it simple for unbanked small businesses to bank securely, and pay suppliers easily from their mobile device.
Red Alternative Cash-In is easy to use, with merchants and sellers able to link their mobile to the RedCloud Agent Network, and enter the amount they wish to pay in. RedCloud then populates its in-app map with agents, ATMs and even bank branches nearby that can accept their cash deposits and digitise their currency directly into the RedCloud ecosystem. Receipts are scanned through the latest OCR technology, enabling critical payment details to be held, speeding up the reconciliation of business payments and enabling first time credit profiles to be built.
With over 50,000 RedCloud agents across Argentina and 25,000 agents across Nigeria, millions of underbanked businesses now have the means to digitise their cash and conduct digital transactions using existing retail infrastructure to serve as mini banks.
Justin Floyd, CEO and Co-founder commented, “With ongoing market releases planned across Latin America, Asia, Africa and the USA, RedCloud is pioneering an entirely new financial services experience. This is an important step forward to moving money as easily as sending a text, without friction and at a much lower cost than current offerings”
The addition of the feature comes as RedCloud looks to further optimise its customer experience and continue to increase payment volumes, which are growing at 30% MoM, by making it easy to digitise cash in RedCloud ecosystem.
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