Current has partnered with InComm to let its members deposit cash through participating retail stores. The September 2020 launch uses InComm’s VanillaDirect platform to connect Current’s mobile app with store checkout systems.
A member generates a barcode in the app and presents it at the register. After the cashier scans the code and accepts the money, the funds are deposited into the customer’s Current account. Retail chains identified in the announcement include 7-Eleven, Dollar General and Family Dollar.
The companies said the feature was available to Current customers and would reach approximately 60,000 participating retail locations by the end of 2020. Current described cash deposits as the most requested feature in a survey of its then 1.4 million members.
Current chief executive Stuart Sopp said the addition was intended to help customers convert cash into a form they could use through a mobile account. InComm said its existing retail payment connections would provide that access without requiring Current to build a branch network.
The agreement adds a banking use case to VanillaDirect’s retail cash infrastructure. It allows an app-based financial service to handle customers’ physical money through the same stores they already visit for everyday purchases.