One challenge of banking with a digital-only bank is making cash deposits. With no branches, it can be tough on a consumer who wants to make cash available for digital spending. With cash still being king for many customer segments, fintechs need to find a way to help them move that cash into the digital realm.
Visa has been doing this for years for prepaid card holders by allowing them to make cash deposits at retailers and ATMs through its ReadyLink Network. Now, the company has expanded that access to debit programs, providing an opportunity for neobanks, other fintechs, and even traditional financial institutions potentially to offer deposit capabilities at a broad range of locations.
In the latest episode of the IPA Payments Pod, Lauren Fulmer, the director of U.S. Prepaid Product at Visa, talks about how the network works and what the future might hold now that it has expanded beyond prepaid cards.
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